Payment Tech Startup Cashfree Payments and Mumbai Angels Network Partner to Make Payment Solutions More Accessible to Start-ups

• This partnership will allow start-ups associated with Mumbai Angels Network to avail Cashfree Payments’ suite of fintech solutions and products at discounted rates
• Cashfree Payments is the only fintech company on board with Mumbai Angels Network to support these start-ups with payment tech

Leading payments and API banking solutions company, Cashfree Payments today announced its partnership with Mumbai Angels Network to support start-ups with seamless payment solutions. Through this partnership, Cashfree Payments will help more than 170 start-ups to accelerate growth by providing payment solutions at subsidized pricing. With Cashfree Payments’ solutions and services these businesses will have seamless transaction processes and will be able to achieve greater success and economic scalability.

The Mumbai Angel Network is a start-up investment platform that backs seed and early-stage ventures.

Commenting on the partnership, Reeju Datta, Co-Founder, Cashfree Payments said, “We have always focused on empowering the start-up ecosystem by providing seamless payment frameworks so that start-ups can streamline their payments for efficient operation. We are pleased to partner with Mumbai Angels Network in this endeavour. Our goal is to mentor and offer a suite of Fintech products at special rates to these start-ups to accelerate their progress and establish ourselves as reliable partners in their growth and success".

Commenting on the partnership, Nandini Mansinghka, Co-Founder & CEO, Mumbai Angels Network said, "We are curating a high-end cohort of service providers to strengthen the core businesses of our portfolio companies. In this initiative, we believe Cashfree Payments can be a promising partner for paperless banking services, an innovative solution for early-stage companies looking for payment service”.

Mumbai Angels Network has 15 years of experience and a network of about 550 angel investors that enable startups to unlock their potential and scale growth across core operations.With INR 200 CR invested from 40 cities and ten countries, they support investors and portfolios in various areas including investing, portfolio monitoring, and investor education. They also co-invest with VCs.

Recently, Cashfree Payments has launched the first product from its Banking as a Service (BaaS) offering, ‘Accounts’ to help platforms create, link and manage bank accounts of all kinds on behalf of their customers, partners and vendors. ‘Account’s by Cashfree Payments will enable 100% paperless instant bank account creation, helping businesses to quickly build a financial services product and grow fast. India’s leading payments and API banking solutions company offers 6 first-of-its-kind fintech innovations: Payouts, Instant Refunds, Cashgram, Pre-Authorization, Subscriptions, Instant Settlements. This is outside of its regular offerings, which includes Payment Gateway, Payouts, Cashgram, Autocollect, Marketplace Settlement and supporting features.

Cashfree Payments is among the leading payment service providers in India and processes transactions worth USD 20 billion annually. With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with Cashfree Payments’, ‘Payouts’. In June 2021, India’s largest lender, SBI, invested in Cashfree Payments, underscoring the company’s role in building a robust payments ecosystem. The company works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay. Currently, Cashfree Payments’ products are used in India and eight other foreign countries like the USA, Canada, and the UAE, and by businesses like Logisy, Aramex, Zomato, Cred, Nykaa, Delhivery, among others.


About Cashfree Payments:

Cashfree Payments is a leading payments and API banking solutions company. It provides full-stack payments solutions enabling businesses in India to collect payments and make payouts via all available methods with a simple integration. Cashfree Payments’ offerings include an advanced and easy way to integrate payment gateway, a split payment solution for marketplaces, bank account verification API and Auto Collect -- a virtual account solution to match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, www.cashfree.com is among the leading payment service providers in India processing transactions worth USD 20 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree Payments enables more than 1,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree Payments’ products are used in eight other countries including USA, Canada and UAE. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI) and was incubated by PayPal.

Smart Video Analytics Startup Pixuate Raises Funding from Mumbai Angels Network, CIIE.CO–IIM Ahmedabad’s Incubation Centre and Other Eminent Angel Investors

Mumbai Angels Network, CIIE.CO – IIM Ahmedabad’s incubation centre and multiple eminent angel investors invest in smart video analytics startup Pixuate

While the investment amount remains undisclosed, a bulk of it would be invested in Pixuate’s R&D for accelerated product development and market expansion.

Mumbai, 11th May, 2021: In a new development, Mumbai Angels Network, a premium startup investment platform for early-stage venture investments, along with CIIE-IIMA and a group of eminent angel investors, has invested in intelligent video analytics startup Pixuate by Cocoslabs Innovative Solutions Pvt Ltd. While the investment amount remains undisclosed as of now, Pixuate has also recently received debt funding support from the Technology Development Board(TDB), a nodal agency of the Govt. of India.

A brainchild of technology enthusiast Prathvi Palekar, Pixuate uses proprietary algorithms in AI, Deep Learning, and Computer Vision to deliver real-time and actionable insights from high-volume video and image data. Pixuate offers a wide range of capabilities for security intelligence, compliance audits, and automation, which includes analytics for people (such as facial recognition and thermal scanning), vehicle analytics (like ANPR, vehicle classification, and violation detection), and object recognition (including safety gear check and object detection). Powered by world-class analytics capabilities, the platform provides a complete suite of deep-tech enterprise solutions for a safer today and a smarter tomorrow.

Having delivered AI solutions to marquee clients such as L&T, Unilever, ITC, Bigbasket, along with several clients in the UAE, Pixuate now offers video analytics solutions specifically designed for industries such as Pharma, Logistics, Oil & Gas, and Food & Hospitality. Besides this, the platform’s video analytics capabilities are also applicable for smart cities and highway traffic management. With Pixuate having an exciting line-up of new product features in the pipeline, this freshly infused funding will largely be invested in R&D for accelerated product development and feature engineering. The company also plans to fast-track its growth through market expansion and adding more industry use cases and applications.


Commenting on the investment, Nandini Mansinghka, Co-Promoter and CEO of Mumbai Angels Network said, “There is no doubt that the future will be driven almost entirely by technology and given that video-based analysis is a rapidly growing and evolving field, our investment will help Pixuate scale up swiftly to cater to the growing demand for tech-powered video analytics across various sectors. This funding is a testament to the Pixuate team’s in-depth expertise in the field to build a robust platform that India needs.”


Speaking about the new investment in his company, Prathvi Palekar, co-founder of Pixuate said, “Our mission is to create real value for enterprises by deploying cutting-edge AI since it is unquestionably the best way ahead. Over the past 5 years, our R&D team has worked relentlessly to develop an enterprise-class analytics engine that can make sense of any video stream or image database. High availability and scalability are inherently built-in in Pixuate’s system. We are extremely grateful to receive strong support from eminent platforms such as Mumbai Angels Network, CIIE.CO, and the Technology Development Board, and hope to take Pixuate to new heights with this fresh infusion of capital.”

“Our platform has been a boon for enterprises in both private and public sectors and we are overwhelmed by the response received so far. Pixuate helps industries prevent workplace hazards, ensure compliances, track inventory at high efficiency, and reduce pilferage of goods drastically. Most importantly, the company enables top-notch automation without the need for heavy upfront investment by the clients. We can enable existing CCTV cameras, with our software that runs on low-cost GPU devices that can scale from 5 to 5000 cameras frictionlessly. Further, all our analytics have API connectors available for data that needs to be passed on to existing systems like HRMS. Lastly, our system can alert for any camera downtime, inform if an intruder or fire or any mishap is happening on the premises through instant email/SMS/API alerts. We are excited to have joined hands with reputed investors Mumbai Angels and CIIE.CO and look forward to breaking new barriers in enterprise-tech with our product”, added Akshata Kari, Co-Founder of Pixuate.

Pixuate also recently developed a unique video analytics-based traffic count and classifier system for highway audits and efficient toll management, which was successfully tested by L&T. The product reduces the turnaround time for highway audits by up to 90% which can be used by NHAI and the Government of India. Furthermore, last year, Pixuate’s temperature checking solution was utilized by the Department of Urban Land Transport (DULT) and the Government of Karnataka at Church Street – one of Bangalore’s busiest areas - for the ‘Clean Air Street’ initiative. With advanced tech-driven systems, Pixuate also helped identify 3000 mask violators and checked over 200,000 people for instances of increased body temperature.



About Mumbai Angels Network:

Started in 2006, Mumbai Angels Network is India’s premier platform focused on new venture investing. Mumbai Angels today has a 160 strong portfolio across sectors and cities across India with successful exits / next round of funding in over 60 of the companies. Today the platform has 550+ investors spread across 40+ cities within and outside India.