ePayLater, a fintech startup, has raised Rs 18 crore (around $2.5 million) in a funding round led by Pravega Ventures and joined by others.
Companies in Pravega Ventures’ portfolio include document scanning and management platform Kaagaz, SME-focused digital payments platform Mintoak, and content creator firm CreatorOS.
ePayLater, operated by Arthashastra Fintech Pvt Ltd, was set up in 2015 by Akshat Saxena, Aurko Bhattacharya, and Uday Somayajula. The company focuses on the food and groceries space.
Its platform offers 14-day interest-free credit to borrowers for purchasing goods and services from partner merchants. ePayLater also has partnerships with companies including Walmart and Metro Cash & Carry.
Investors in the company include ICICI Bank, GMO PG, and Patni Financial Advisors, ePayLater said in a statement.
In 2016, VCCircle exclusively reported that ePayLater had secured $2 million (around Rs 13.3 crore) in a seed round of funding from three individuals. In 2018, ICICI said it would invest Rs 8.72 crore (around $1.2 million) in the company for a stake of about 10%.
Deals in fintech
Earlier this week, BharatPe raised $108 million (around Rs 785.72 crore) in a Series D funding round led by existing investor Coatue Management.
Also this week, Eduvanz raised $10 million (around Rs 72.88 crore) in debt funding from investors such as Northern Arc and Vivriti Capital, while Progcap secured Rs 10 crore (around $1.37 million) in its own debt round.
At the beginning of January, Phi Commerce raised $4 million (around Rs 29.3 crore) in a Series A funding round led by Singapore-based Beenext and joined by Yatra Angel Network.