Bangalore-based mobile payment startup Momoe has raised $.12 million in funding round led by IDG ventures and Jungle ventures, with participation from India Quotient.
The newsly raised funds will be used to expand the team as Momoe plans to reach 500 merchant outlets in the next few months.
Momoe enables people to pay on their mobile phones. Momoe is a location aware smart phone app. People can pay on Momoe with their existing credit cards & debit cards. Momoe is accepted at restaurants, coffee shops, grocery stores & apparel stores in India.
Unlike PayTM and Mobikwik, which facilitate cashless payments with a virtual wallet solution that stores a fixed amount of cash, Momoe’s app works by using credit-card details which is very much similar to another Gurgaon-based mobile payment app called Ruplee with which one can pay using his credit or debit card.
Momoe was founded in 2014 by Utkarsh Biradar, Karthik Vaidyanathan, Ganesh Balakrishnan, Neelesh Bam and Aiman Ashraf who are mostly graduates of IITs and IIMs. “We are the early movers in the space,” said CEO Utkarsh Biradar, 44, a graduate of the Indian Institute of Technology, Bombay, who expects the company to handle Rs 3,000 crore worth of transactions in the next 18 months.
Momoe app currently has a user base of over 3000 customers, and has crossed Rs 1 million in transactions. They plan to expand to other urban metros in India and abroad once they get to a 100-150 restaurants in Bangalore. The startup currently has five founding members and eight employees.