Mumbai based payment services startup, Airpay, has raised Rs 24 crore as part of a Series A round, led by Kalaari Capital and existing investors Rakesh Jhunjhunwala & Rajesh Jhunjhunwala.

Airpay was founded by Amit Kapoor, Kunal Jhunjhunwala and Rohan Deshpande, experienced technology, operations and marketing professionals. The founders witnessed first hand, various payment related hurdles faced by medium & large enterprises and decided to come together to solve a complex problem.

Presently, Airpay is India’s only omnichannel payments company providing enterprise software as a service (SaaS) solution to its clients, to accept inbound payments from consumers (C2B) and process outbound payments to pay vendors (B2B).

Speaking on the investment, Rajesh Raju, MD, Kalaari Capital said, “The sheer complexity of instruments and channels for payments in India demands innovative one-stop solutions such as those offered by Airpay. We are very excited to partner with them, as they are well positioned to capitalise on India’s reformed push towards a cashless economy.”

The platform allows enterprises to accept payments from their clients across a plethora of touch points - web, mobile, call centre, IVR, email, SMS and face-to-face - via 100+ financial instruments. Airpay’s unique open architecture integrates seamlessly into the client’s ecosystem, offering real time visibility of payment collection and advanced analytics and reporting of user payment data.

Also, with the current changing economic scenario in the country, cashless payments hold an unprecedented growth opportunity in India. The Government of India`s increased push to promote digital transactions by initiatives such as Demonetization, UPI, BHIM and GST have further made the payments space ripe for disruption. A BCG report published in July 2016 (before Demonetization) estimates digital and card based payments to be a $650B+ opportunity by 2020.

Rakesh Jhunjhunwala noted that “It is heartening to note that Airpay has scaled its throughput 14x over the last year. We welcome Kalaari Capital as a visionary investor who can add significant value to Airpay.”

The company plans to further invest into technology and build a strong sales, distribution and support infrastructure to rapidly expand its enterprise customer base.

Amit Kapoor, Co Founder said, “We are thankful to Kalaari, for entrusting us and coming onboard the Airpay journey. Both Kalaari and our existing investors, come with diverse experiences and philosophies which will help us build an organization of repute. We also want to take this opportunity to thank all our clients, merchants, financial institutions, partners & above all our team for believing in us all these initial years.”

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