• FOUNDING YEAR: 2010
    LOCATION:
    India
    REGION:
    MH
    Last Update:
    27 Jun, 2019

Description

FOCUS

PRODUCTS & SERVICES:
Mobile Wallet - mainly used for mobile & DTH recharge, pay utility bills, purchase of goods, etc. Mobile Money Order - SMS-based money order system. It is mainly focusing the un-banked population in semi-urban and rural areas.
REVENUE MODEL:
Viewable by subscribers only
MAIN CLIENTS:
The company has around 230,000 merchants who have enabled the service and has 120 million users.
EXISTING PARTNERSHIPS:
Flipkart - To distribute its gift card in India through its nationwide retail network.
COMMENT
Customers need not have high-end devices to use the service. They offer a device and network agnostic providing the ability to load, save and pay money via SMS. Apps can be used by users with smartphone access.

PEOPLE

FOUNDERS:
Shashank Joshi
Board Members and Advisors:
David Utterback, Harold Montgomery, Karl Power, Jim McKelvey
NUMBER OF EMPLOYEES:
51-200
INVESTORS:
Calpian Inc, Yes bank, S7 Group
KEY EMPLOYEES:
Scott Arey(CFO); Will Dawson(COO); Harold Montgomery(CEO); Pradeep Phadke(CEO)

TRACTION

COMMENT:
As of March 2014, the company has a retail network in 300 cities, 5 lakh subscribers.

MOMENTUM

FUNDED:
YES
TOTAL FUNDING:
$24.1 Millions
DATE OF LAST FUNDING:
Feb 2018
TOTAL FUNDING COMMENT:
The company is planning to use the funds to execute their business plan and drive growth across its product lines(Jan 2018).
SEED & PRIOR FUNDING:
$10 Million
SEED CLOSED ON:
Sep 2013

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