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[Funding News] Plutos ONE Raises $2 Mn in a Seed Funding Round from StartupXseed

By Team VS
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Rohit Mahajan (Left) & Rajjat Gulati (Right), founders, Plutos ONE

plutos ONE, India's youngest, Licensed, and Empaneled BBPS (Bharat Bill Payment) TSP, founded by Rohit Mahajan and Rajjat Gulati to help banks deliver Digital Transactions to their customers more efficiently has raised $2 million in a seed round.

The round was led by StartupXseed, a leading Bangalore-based VC. The round also saw participation from Genesia Ventures - a Tokyo-based VC firm, Auxano Capital, Raghuvanshi Investments, and other investors.

The company intends to use the funds raised in this round for onboarding Banks as Biller Operating Units and Biller Operating Units as well as Agent Institutions on the BBPS Network.

plutos ONE had previously raised an Angel Round from leading investors like Aakash Chaudhry - Co-Founder of Aakash Educational Services Ltd., Prabhjeet Singh - President of Uber India & South Asia, Neeraj Mohan - MD & CEO of IARC and ex-MD & Operating Partner of Blackstone India, Gautam Kamath - Group CFO of P&G India, Ravi Gosain - MD of Erco Travels, Harish Chandra - President of Indian Achievers Forum, Chanakya VC, Sarcha Advisors and others. StartupXseed and Raghuvanshi Investments had also previously invested in plutos ONE.

Read also - Convin Raises $6.5 Mn Funding Round

BBPS is a Digital Bill Payments Platform operated by NBBL, a wholly owned subsidiary of NPCI. BBPS allows users to pay their bills for any Biller on the platform. Currently, there are 22,000 Billers across 30 Categories live on the platform. Categories include Utilities like Electricity, Water, Piped Gas, and Gas Cylinders as well as Loan Repayments, Credit Card Bills, Rent Payments, Education Fees, Donations to Charitable Institutions, Metro Card Recharges, FASTag, and many more.

Plutos ONE is a 2-year-old startup that is a Technical Service Provider (TSP) for the Bharat Bill Payments System (BBPS) and is licensed and empaneled by NPCI Bharat BillPay Limited (NBBL). plutos ONE also owns and operates India’s largest Merchant-funded Offers Aggregation Platform on which it runs Card Activation Solutions for various Credit and Debit Card Issuers. Their clients include NPCI, Visa, Punjab National Bank, Kotak Mahindra Bank, IDFC First Bank, Yes Bank, BHIM UPI, BobCards, UCO Bank, Bank of Maharashtra, IDBI Bank and Loyalty Rewards.


Speaking on the occasion, Ravi Thakur, Co-Founding Partner at StartupXseed Ventures, said, “We believe that plutos ONE offers a completely new paradigm for building out the Digital Payments Ecosystem in India. The team has a stellar record of delivering Digital Solutions for Banks at scale. We are delighted to partner with them to help scale their business and empower more Indian Banks to serve their customers better.”


Rajjat Gulati, Co-Founder & CEO of plutos ONE, said: “plutos ONE is committed to taking the Digital Public Infrastructure being developed by NPCI and its subsidiaries to every last Indian. As licensed and empaneled Technical Service Providers to the Bharat Bill Payments System, we are uniquely positioned to help Banks connect their Business and Individual Customers to Digital Bill Payments. Our latest round is a huge boost to our plans to build the Payments Infrastructure for the next 200 million Indians.”

About Plutos ONE

Founded in 2022 by Rajjat Gulati and Rohit Mahajan, plutos ONE is India’s youngest TSP for the Bharat Bill Payment System. plutos ONE also operated India’s largest Incentive Platform for Banks and Networks since 2010.

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New Update
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The Top Indian Startups Funding Roundup of This Week

Bain Capital

Bain Capital announced it completed fundraising for its latest Global Special Situations Fund, bringing the total amount raised for its second vintage of funds to $9 billion. 

Zepto

Zepto, the quick commerce leader, has raised $350 million from domestic investors at a $5 billion valuation.

HealthKart

HealthKart is an omnichannel nutrition platform has raised $153 million with ChrysCapital and Motilal Oswal Alternates leading the charge. Neo Group and current investor A91 Partners also took part in the fresh round.

VoloFin

VoloFin a supply chain finance firm located in Singapore has raised $50 million in a new fundraising round from a top-five global bank in the US that wants to be anonymous because of a non-disclosure agreement.

Zopper 

Zopper is an insurtech firm based in Delhi NCR, has raised $25 million (about INR 211.2 crore) in a Series D funding round headed by Elevation Capital and Dharana Capital, with Blume Ventures, an existing investor, also participating. 

OneCell Diagnostics

Cancer diagnostics startup OneCell Diagnostics has raised $16 million in Series A funding, led by Celesta Capital, with participation from Tenacity Ventures, Cedars Sinai, Eragon, and Singularity Ventures.

KGeN

Kratos Gamer Network (KGeN), a decentralized gaming platform, has raised $10 million in funding led by Aptos Labs. Polygon and Game7 also participated in the round, increasing KGeN’s valuation to $500 million, up from $150 million in February 2023.

Locad 

Locad is an e-commerce logistics business, has secured $9 million (about INR 76 crore) in a pre-series B investment round headed by Reefknot Investments and Global Ventures.

Billion Hearts

Former Koo Co-founder Mayank Bidawatka’s new venture, Billion Hearts Software Technologies Pvt Ltd, has raised $4 million in seed funding. The round was led by Blume Ventures with participation from General Catalyst and Athera Venture Partners.

CredFlow

A pre-Series B funding round headed by two of CredFlow's current investors, Inflexor Ventures and a Singaporean family office, has collected $3.7 million (about Rs 31.2 crore) for the fintech business.

FAQ

Name the Top Indian Startup Funding Roundup in This Week (18 November - 22 November, 2024 )
Bain Capital , Zepto , HealthKart , VoloFin , Zopper , OneCell Diagnostics , KGeN , Locad , Billion Hearts , CredFlow , are The Top Indian Startup Funding Roundup in This Week (18 November - 22 November, 2024 )

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Startup Stories: Discover inspiring tales of startups overcoming challenges and achieving success.

Funding News: Stay updated with the latest news and trends in startup funding and investment.

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