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One of the important segment of FinTech startups, after digital wallet and payment banks is Short Term Loan to specific user segments such as SMB’s and salaried professionals. Owing to the importance and huge market size this segment, it is flooded with VC’s joining hands to tap the initial growth thereby seeking good ROI.
Fintech startup Happay had raised $10.1 Mn (INR 65.13 Cr approx.) in a Series B funding round led by Sequoia Capital India. Other investors include Axiom Capital, AME Cloud Ventures, Brad Garlinghouse of Oak Street Trust and US-based businessman Ben Nelson.
AAs per filings in MCA, the investment was raised last month for 6,294 preferential shares at a premium of $1,603 (INR 1.03 Lakh) per share. Confirming the investment, a spokesperson for the company said, “We are growing strong in India and our solutions are used by 4500+ businesses. We are present in 10 cities with partners in 27 cities. We are well funded today and are open to growth opportunities. In recent years, government’s policies like demonetisation, GST, has provided a conducive environment for the growth of digital payment, and we are looking at the next growth trajectory for business.”