An online payment gateway services startup, NumberMall which is based in Hyderabad, has raised an undisclosed amount in equity funding from early-stage VC fund SRI Capital. As part of the deal, Sashi Reddi, Founder, SRI Capital will join the board of NumberMall.
As per a BusinessLine report, the company is also planning for a ‘Series A’ funding next year to raise another USD 10 million for further expansion in the country. Started in 2012, NumberMall enables users to recharge their mobile phones, DTH and data cards in addition to booking bus tickets online. The firm is also planning to add services like insurance premiums payments, utility bill payments, train and air ticket booking, holiday packages, hotel bookings and money transfers.
Currently, NumberMall has a merchant network of more than 13,000 in South India and is planning target to support 100,000 merchants within the next 18 months. It claims that the firm registered a gross merchandise value of INR 117 crore in 2014, compared with INR 37 crore in the previous year. Also, it targets to touch a GMV of INR 200 crore this year.
Hyderabad-headquartered SRI Capital invests between USD 50,000-500,000 in early stage tech ventures for a minority stake and recently it had invested in its recent investment include ShepHertz, YuppTV, Oximity, Edutor and Glassbeam.
Image Source: NumberMall