Investments, Startups

eCommerce & Payment Gateway Startup Newgen Raises Angel Funding

New Delhi and Amsterdam-based online payments and eCommerce solution provider startup, Newgen Payments has raised an undisclosed amount of funding in angel round from Jan Manten, Founder & former CEO of GlobalCollect. The raised funding will be used to upgrade its technology as well for increasing the company’s sales.

Founded in 2014 by Founder and CEO Sunil Jhamb, Newgen’s platform lets merchants to create an online and mobile eCommerce presence. It helps its clients by designing their websites, providing development & hosting services, and simplifying the checkout process by offering the payment options.

The company’s analytics software claims to boost sales, ensures website security and optimizes shipping options. Its cloud-based payment gateway which is built on the Microsoft Azure platform, enables merchants to accept payments securely from their website or app.

Talking about the company’s mission, Sunil Jhamb says, “Our international team, expertise in online payments and network enable us to act as a partner for international merchants to set up their business in India. We help these international brands enter and succeed in the Indian eCommerce market.”

Recent Deals in Similar Segment

Online payment gateway services startup, NumberMall which is based in Hyderabad, had raised an undisclosed amount in equity funding from early-stage VC fund SRI Capital in January this year

In March, Jaipur-based an online payment startup, Razorpay raised $120,000 from US-based startup accelerator, Y Combinator.

In October 2014, online payment technology firm, Financial Software & Systems (FSS) had raised around $57 million funding from Premji Invest, Wipro Chairman Azim Premji’s investment firm.

Other players including Citrus, MobiKwik and CCAvenue are also operating in similar space.

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