ePayLater Partners with Zipgrid to Facilitate Last-Mile Delivery of Essential Items

ePayLater, a renowned innovator in digital credit space, has partnered with Zipgrid, a technology-led service provider for housing communities to launch ZipMart to ensure seamless last-mile logistics of essential commodities. The initiative intends to help select residential societies with online ordering while ensuring contactless delivery necessary to curtail the pandemic. The service is now operational and available to all residential societies registered with Zipgrid in Mumbai and NCR.

ZipMart offers an assortment of edibles and other essential items available at ePayLater’s partnering stores. The collaborative commerce activities of ePayLater and Zipgrid allow consumers to place an order from the safe confines of their home while enabling digital payments to minimize the risk of contagion. A user of a Zipgrid-registered housing society/building can place grocery orders using ePayLater’s online portal integrated on the Zipgrid app, under the ZipMart tab. The service is available on both Android and iOS platforms. Once placed, the order will be delivered at the doorstep of the consumer by an executive while observing all social distancing norms mandated by the government. The partnership looks to ease the buying process for consumers without jeopardizing their health and safety amidst the lockdown. The joint endeavor not only facilitates an uninterrupted supply of essentials but also adheres to the government’s guidelines in ensuring contactless and doorstep delivery.

Talking about this development, Uday Somayajula, Co-Founder, ePayLater said, “As India grapples with COVID-19, it is necessary to deliver essentials to buyers at their homes. We are happy to associate with Zipgrid, and our collective aim is to ensure people remain indoors and order essentials from the safety and comfort of their homes. We have embarked on this collaboration to empower communities and contribute to the greater cause of curbing this contagion."

Commenting on the partnership, Jaydip Popat, Co-Founder, Zipgrid shared, “These are testing times and we wish to ease the process of lockdown-living for everyone, in our capacity. The partnership between ePayLater and Zipgrid is a bold step in that direction which utilizes our collective commerce offering to service a building as a whole while being able to provide a large assortment and guaranteed delivery"

Currently, ePayLater is used by around 50,000 small retailers and Kirana stores across 75+ cities in India. ePayLater has developed a front-end interface for third-parties that not only helps end-consumers to avail ‘contactless’ online ordering but also empowers the neighborhood Kirana stores with last-mile logistics. This comes amidst the 3-week extension of the nationwide lockdown, which began on March 25, 2020.

Founded in 2015 by Uday Somayajula, Akshat Saxena and Aurko Bhattacharya, ePayLater is a ‘Buy Now, Pay Later’ payment solution through which customers can instantly get access to a credit limit to make faster online/offline purchases. It is the first of its kind Digital Credit card in the country. ePayLater extends credit limits to individuals both for personal consumption (end consumer) and for purchasing business supplies (in case of self-employed professionals). ePayLater provides state-of-the-art technology and analytics platform for the Indian retail industry with a focus on Kiranas.

ePayLater has partnered with some of the biggest names in the industry such as Metro Cash and Carry Future Retail, IRCTC to name a few and is continuously increasing its footprint across the FMCG sector.

ZipGrid is a PropTech company, backed by 1 Crowd & JLL Inc. (NYSE: JLL) that provides full-stack technology solutions for all societies and property owners. They are well equipped with technology solutions that make Financial & Compliance Management a breeze to handle for building associations and societies of all shapes and sizes. They have been managing 1000+ associations across Pan India. In a recent endeavour to provide stress-free solutions for societies, Zipgrid has equipped it’s leading partner “JLL” with an application that offers all kinds of benefits to both committee members and residents. The application is ISO 27001 certified and PII encrypted ensuring security and privacy across our services.

Zipgrid strives to address every need of society and association through its combination of technology and professional knowledge-based services so that the committee members and residents of the society are at peace from the hassles of society management.

Fintech Startup ePayLater wins 'Innovation in Digital Payments through Lending" at DigiDhan Awards 2019

Adding yet another feather to its cap, ePayLater, India’s leading innovator in the digital credit market, recently announced its win at the DigiDhan Mission Fintech Award 2018-19.

At this first-of-its-kind recognition ceremony held by the Govt. of India as part of the MeitY Startup Summit 2019 to applaud fintech’s contribution in encouraging digital payments, ePayLater was rewarded in the category ‘Best Fintech Innovation in Digital Payments through Lending’. The award was presented by the Chief Guest Shri Ravi Shankar Prasad, Minister of Communications, Electronics, & IT, and Law &Justice.

ePayLater is essentially a tech-driven checkout lending platform that provides credit at the Point-of-Sale (PoS). The company has two major proprietary product lines—a B2C ‘Buy Now, Pay Later’ solution to provide frequent online shoppers with an interest-free credit for a tenure of 14 days, and a B2B solution providing short-term credit to individual retailers for their business needs.

The company renders this credit line service with no hidden charges or collaterals involved, thus empowering these businesses to continue providing services to their customers and to achieve higher sales through faster inventory churns. Through such provisions, ePayLater has emerged as one of the most preferred credit lending platforms for both individuals and businesses.

The award category ‘Best Fintech Innovation in Digital Lending’ under DigiDhan intended to recognize those companies that have developed innovative solutions for hassle-free and economically viable lending to individuals or SMEs. Basis an objective and unbiased evaluation across several parameters to assess true contribution in terms of the relevance of lending products and solutions in the context of the current Indian landscape, ePayLater emerged as a deserving winner in this category.

Expressing their joy on this occasion, Aurko Bhattacharya, Co-Founder, ePayLater remarked, “We are honoured and humbled to have been bestowed with this prestigious award by the MeitY. At ePayLater, we envision leveraging new-age technologies and data science to solve real-life challenges, and getting this coveted title stands as a testament to our tireless efforts towards achieving our vision. It is really heartening to be acknowledged as one of the major contributors to the growth story of digital payments and lending in India, and we hope to continue working dedicatedly towards bridging the credit divide that exists in the country today.”

Equipped with the mandate to promote digital payments across India, the Ministry of Electronics and Information Technology (MeitY) has been at the forefront of the digitization drive that the country is currently undergoing. Through this first ceremony of its kind, MeitY aimed at acknowledging and appreciating innovations done by fintech companies in transforming the digital payments ecosystem during FY2018-19. Because of its highly innovative and relevant lending solutions, MeitY recognized ePayLater as one of the instrumental players in the domain. Armed with such success and appreciation, the company aims to continue working just as relentlessly towards bridging the existing credit gap in India.

Founded in 2015 by Akshat Saxena, Uday Somayajula and Aurko Bhattacharya, ePaylater is a ‘Buy Now, Pay Later’ payment solution through which customers can get instantly get access to a credit limit to make faster online/offline purchases. A 14-day interest-free period is provided from the date of purchase to settle the payment. ePayLater has over 3000 merchants on-board including IRCTC, PVR, Croma, Box8, Travelyaari, Ticketnew, to name a few.

ePayLater Raises Fresh Capital from ICICI Bank and Japan's GMO Global Fintech Fund

Mumbai-based digital lending startup, ePayLater, has closed its Pre-Series A funding round of undisclosed amount. The fresh funding was led by ICICI Bank, the second largest private bank in India and also saw participation from GMO Global Fintech Fund, the investment fund of the internet conglomerate in Japan along with family offices like Parekh and Patni and foreign investors from the UK.

With this fresh funding, ePayLater is better poised to ramp up its technology architecture as well as strengthen its product. The company had earlier raised USD 2 million during its angel round of funding.

ePayLater provides interest-free credit terms for a 14-day period through its unique ‘Buy Now, Pay Later’ facility. It offers the smoothest possible checkout and payment experience, as users don’t have to pull out their card to complete a transaction. Customers can access ePayLater at merchants where ePayLater is integrated directly and also at merchants (both online and offline) through its award winning UPI product. Access to the credit facility using UPI is available on a select set of merchants at the initial stage and is being ramped up slowly.

To gain access to this popular facility, customers need only download and sign up on the ePayLater application. The platform uses advanced machine learning techniques to do a real-time credit assessment using data such as buying patterns, digital footprints, social media information, and device information. The user is then provided with a credit limit, and can actively use this credit amount to pay for products and services online.

Talking about the development, the co-founders of ePayLater, said, “ePayLater continues to push the boundaries of innovation to bridge the credit divide in the country. Credit at the point of sale is a need of millions of customers across the country and ePayLater is working towards providing convenient digital solutions for the same. We are indeed delighted that this esteemed group of investors has shown faith in our business model and have invested in our platform so that we can scale faster and fulfill our vision with greater agility."

ePayLater has tie-ups with prominent merchants/marketplaces that allow customers to use this facility, including industry leaders such as IRCTC, Oxigen, PVR, Croma etc. Continuous innovation has made it possible to increase the reach across large number offline merchants as well which accounts for about 97% of all P2M payments today.

Founded in 2015, ePaylater is a ‘Buy Now, Pay Later’ payment solution through which customers can instantly get access to a credit limit to make faster online/offline purchases. Once signed up, a customer can avail a credit limit upto Rs. 20,000. A 14-day interest-free period is provided from the date of purchase to settle the payment.

Operated and owned by Mumbai-based Arthashastra Fintech Pvt. Ltd, ePayLater had earlier raised $2 million (Rs 13.3 crore) in a seed round of funding from HNIs, in June 2016. The investors were said to be amongst the leaders in the global financial industry.

In 2017, the startup has partnered with IRCTC to offer a quick and completely frictionless payment experience for ticket bookings on IRCTC.

ePayLater has over 1000 merchants on-board including IRCTC, PVR, Croma, Box8, Travelyaari, Ticketnew, to name a few. One can also use it to transact with merchants that accept UPI. Currently, ePayLater UPI can be used on Amazon, Flipkart, Jabong, Myntra and Uber among others.

Mumbai Startup and IDFC Bank Partner to Bring India's First UPI-Based Digital Credit Card

Mumbai-based fintech startup ePayLater has partnered with IDFC Bank to bring instant digital credit to individuals transacting online and offline, using BHIM UPI using ePayLater’s ‘Buy Now, Pay Later’ thereby aiding small businesses and merchants alike.

ePayLater, provider of innovative digital credit solutions, has partnered with IDFC Bank to bring instant digital credit to individuals transacting online and offline, using BHIM UPI. ePayLater’s ‘Buy Now, Pay Later’ credit facility works like a credit card without the hassles associated with a long application process or friction at payment checkout. For the first time, digital credit is made possible using the BHIM UPI railroad, the instant real-time payment system developed by National Payments Corporation of India facilitating inter-bank transactions. Individuals, merchants and small businesses can now opt for real-time credit, in addition to other prepaid modes of payment, for their purchases using BHIM UPI.

ePayLater’s ‘Buy Now, Pay Later’ facility allows users to avail credit and transact, with a 14-day interest-free period from the date of purchase, to settle outstanding bills. This is the smoothest possible checkout experience, as users no longer have to pull out their card to complete a transaction. To gain access to the credit facility, users need to download the ePayLater application. It uses advanced machine learning techniques for a real-time credit assessment using data such as buying patterns, digital footprint, social media information, and device information. The user is then provided a credit limit in real-time, which can be used to pay for products and services at both online and offline stores. Here is how you can set up ‘Buy Now, Pay Later’. The app is now available on Google Playstore and will be released on Apple Store shortly. The process to understand how to create ePayLater UPI and use it to make payments is simple as well.



ePayLater aids small businesses and merchants fast-track their growth forging radical partnerships with emerging FinTech companies using BAAP (Bank As A Platform). The procedure to avail either a line of credit, short terms loans, or merchant cash advance is simple and swift. With minimal paperwork, instant approvals and an effective buyer-payer management process in place that allows the settlement of multiple purchase orders online by receiving a payment link on the registered Email ID/mobile number, ePayLater has been harnessing their online platform to help scale small businesses and merchants.

By deploying innovative technology and strategic alliances, ePayLater has been working towards extending its digital credit solution to a wider customer segment. The partnership with IDFC Bank provides ePayLater customised BHIM UPI solution that is required to offer instant credit

Aurko Bhattacharya, Co-Founder, ePayLater, said, “The penetration of credit cards has been abysmally low in our country. Now thanks to 320 million smartphone users and government initiatives in the form of UPI digital payments are gaining traction. Through this initiative, we intend to use the wide network of UPI to empower the common man, by providing credit whenever and wherever they wish to use it. In other words, this would put credit cards in the hands of millions without the need for a physical card or the hassles of a cumbersome application process. We are happy to associate with forward-looking banks like IDFC that make such innovations possible.”

Avtar Monga, Chief Operating Officer (COO), IDFC Bank, said, “New payment railroads have disrupted the way individuals transact and ensured that credit cards are not the only option they have, to make payments. When these new railroads are combined with innovative solutions, they make digital payments fast, simple, secure and available to a wider set of people. IDFC Bank is working towards creating unique use-cases for BHIM UPI in areas where it has never been used before. The Bank has customised BHIM UPI for ePayLater. This technology solution enables ePayLater to offer short-term digital credit using UPI for the first time. It opens up a whole new world of possibilities for users of BHIM UPI.”

IDFC Bank’s association with ePayLater is in tandem with the bank’s strategy of forging radical partnerships with emerging FinTech companies using BAAP (Bank As A Platform). The Bank today has close to 24 partnerships for UPI payments and 4 partnerships for MSME digital lending. A focus on digital technology has resulted in increased convenience while transacting, improved speed and stability, paperless processes and additional security, leading to enhanced customer experience. It allows IDFC Bank to launch innovative products in a very short cycle time.

ePayLater’s innovative feature of the digital solution combined with the ease of payment via UPI, would enable a wider section of the population of avail credit. In a country of 132 crore people, only 3.7 crore people use credit cards. However, the amount transacted on POS through these credit cards is comparable to the amount transacted on the 85.5 crore debit cards in India. This indicates a strong appetite for credit in the Indian economy, which is expected to grow as more Indians opt for digital payments.

Founded in December of 2015 by Aurko Bhattacharya, Prasannaa Murlidharan, Uday Somayajula, Shanmunathan Thiagaraja and Akshat Saxena, ePaylater is a payment solution startup, operated by Mumbai-based Arthashastra Fintech Pvt. Ltd, that aims to separate the experience of shopping from the hassles of payment process. In June 2016, the startup had raised $2 million in a seed round of funding from HNIs who are amongst the leaders in the global financial industry. In May 2017, the startup partnered with IRCTC to offer a quick and completely frictionless payment experience for ticket bookings on IRCTC.

It may be recalled that in January, IndusInd Bank and Dynamics Inc. together launched India`s first battery-powered, interactive payment cards. It was announced at the 2018 Consumer Electronics Show (“CES”).

Via - BusinessWire India

Mumbai Startup and IDFC Bank Partner to Bring India's First UPI-Based Digital Credit Card

Mumbai-based fintech startup ePayLater has partnered with IDFC Bank to bring instant digital credit to individuals transacting online and offline, using BHIM UPI using ePayLater’s ‘Buy Now, Pay Later’ thereby aiding small businesses and merchants alike.

ePayLater, provider of innovative digital credit solutions, has partnered with IDFC Bank to bring instant digital credit to individuals transacting online and offline, using BHIM UPI. ePayLater’s ‘Buy Now, Pay Later’ credit facility works like a credit card without the hassles associated with a long application process or friction at payment checkout. For the first time, digital credit is made possible using the BHIM UPI railroad, the instant real-time payment system developed by National Payments Corporation of India facilitating inter-bank transactions. Individuals, merchants and small businesses can now opt for real-time credit, in addition to other prepaid modes of payment, for their purchases using BHIM UPI.

ePayLater’s ‘Buy Now, Pay Later’ facility allows users to avail credit and transact, with a 14-day interest-free period from the date of purchase, to settle outstanding bills. This is the smoothest possible checkout experience, as users no longer have to pull out their card to complete a transaction. To gain access to the credit facility, users need to download the ePayLater application. It uses advanced machine learning techniques for a real-time credit assessment using data such as buying patterns, digital footprint, social media information, and device information. The user is then provided a credit limit in real-time, which can be used to pay for products and services at both online and offline stores. Here is how you can set up ‘Buy Now, Pay Later’. The app is now available on Google Playstore and will be released on Apple Store shortly. The process to understand how to create ePayLater UPI and use it to make payments is simple as well.



ePayLater aids small businesses and merchants fast-track their growth forging radical partnerships with emerging FinTech companies using BAAP (Bank As A Platform). The procedure to avail either a line of credit, short terms loans, or merchant cash advance is simple and swift. With minimal paperwork, instant approvals and an effective buyer-payer management process in place that allows the settlement of multiple purchase orders online by receiving a payment link on the registered Email ID/mobile number, ePayLater has been harnessing their online platform to help scale small businesses and merchants.

By deploying innovative technology and strategic alliances, ePayLater has been working towards extending its digital credit solution to a wider customer segment. The partnership with IDFC Bank provides ePayLater customised BHIM UPI solution that is required to offer instant credit

Aurko Bhattacharya, Co-Founder, ePayLater, said, “The penetration of credit cards has been abysmally low in our country. Now thanks to 320 million smartphone users and government initiatives in the form of UPI digital payments are gaining traction. Through this initiative, we intend to use the wide network of UPI to empower the common man, by providing credit whenever and wherever they wish to use it. In other words, this would put credit cards in the hands of millions without the need for a physical card or the hassles of a cumbersome application process. We are happy to associate with forward-looking banks like IDFC that make such innovations possible.”

Avtar Monga, Chief Operating Officer (COO), IDFC Bank, said, “New payment railroads have disrupted the way individuals transact and ensured that credit cards are not the only option they have, to make payments. When these new railroads are combined with innovative solutions, they make digital payments fast, simple, secure and available to a wider set of people. IDFC Bank is working towards creating unique use-cases for BHIM UPI in areas where it has never been used before. The Bank has customised BHIM UPI for ePayLater. This technology solution enables ePayLater to offer short-term digital credit using UPI for the first time. It opens up a whole new world of possibilities for users of BHIM UPI.”

IDFC Bank’s association with ePayLater is in tandem with the bank’s strategy of forging radical partnerships with emerging FinTech companies using BAAP (Bank As A Platform). The Bank today has close to 24 partnerships for UPI payments and 4 partnerships for MSME digital lending. A focus on digital technology has resulted in increased convenience while transacting, improved speed and stability, paperless processes and additional security, leading to enhanced customer experience. It allows IDFC Bank to launch innovative products in a very short cycle time.

ePayLater’s innovative feature of the digital solution combined with the ease of payment via UPI, would enable a wider section of the population of avail credit. In a country of 132 crore people, only 3.7 crore people use credit cards. However, the amount transacted on POS through these credit cards is comparable to the amount transacted on the 85.5 crore debit cards in India. This indicates a strong appetite for credit in the Indian economy, which is expected to grow as more Indians opt for digital payments.

Founded in December of 2015 by Aurko Bhattacharya, Prasannaa Murlidharan, Uday Somayajula, Shanmunathan Thiagaraja and Akshat Saxena, ePaylater is a payment solution startup, operated by Mumbai-based Arthashastra Fintech Pvt. Ltd, that aims to separate the experience of shopping from the hassles of payment process. In June 2016, the startup had raised $2 million in a seed round of funding from HNIs who are amongst the leaders in the global financial industry. In May 2017, the startup partnered with IRCTC to offer a quick and completely frictionless payment experience for ticket bookings on IRCTC.

It may be recalled that in January, IndusInd Bank and Dynamics Inc. together launched India`s first battery-powered, interactive payment cards. It was announced at the 2018 Consumer Electronics Show (“CES”).

Via - BusinessWire India

ePayLater Partners With IRCTC to Offer Frictionless Payment Experience

ePayLater, India’s first of its kind “Buy Now Pay Later” checkout service, has partnered with IRCTC to offer a quick and completely frictionless payment experience for ticket bookings on IRCTC. Using this payment option, eligible customers can purchase tickets in a single step without having to make a payment at the time of transaction, thus avoiding the usual payment hassles e.g having to enter 16-digit card numbers or having to log in. The customer is allowed to make the payment at a convenient time later within 14 days from the date of transaction.

The company claims that such a payment experience has been made possible using state-of-the-art big data algorithms which help carry out on-the-fly assessment of the fraud and credit risk involved in online transactions.

“We are excited with this development. At ePayLater, it’s been our primary focus to leverage data science to solve real life challenges. Partnering with India’s largest online portal is a strong testimony to our technology and analytics leadership. By providing customers this deferred payment option we not only simplify the checkout experience but also help them manage their short term income-expense mismatches better” says Uday Somyajula, co-founder, ePayLater.

IRCTC records 6 lakh transactions per day on an average with the total number of bookings hitting a whopping 13 lakh figure on peak days. ePayLater aims to capture atleast 5% of this volume in next 6 months.

In order to use the ePayLater option on IRCTC, first time customers are required to provide some basic details on selecting the payment option at checkout. If eligible, the customer can conclude that transaction and every subsequent transaction thereafter through a single click by just providing the One Time Password (OTP).

“85% of our customers tend to make repeat purchases using ePayLater, thereby establishing the use case for convenience. Further, by eliminating the dependencies on third party payment provider such as payment gateways, banks etc at the point of transaction we are able to deliver unmatched transaction success rates especially in peak load conditions. This makes the use case even stronger on IRCTC and hence we expect to see similar, if not better, repeat behaviour on IRCTC” added Aurko Bhattacharya, co founder.

“We are hopeful that this partnership, by virtue of the scale that only IRCTC can boast of, will help us deepen the roots of financial inclusion in the country. Further, on account of the benefits that this product offers to the customers, we also hope to see a higher uptake of e-ticketing with this initiative thereby increasing the adoption of digital payments over cash” says Akshat Saxena, co founder and Head of Business Development.

FinTech Startup ePayLater Raises $2M from HNIs

Financial-technology startup ePayLater, which is operated by Mumbai-based Arthashastra Fintech Pvt. Ltd, has secured $2 million (Rs 13.3 crore) in a seed round of funding from HNIs who are amongst the leaders in the global financial industry. The firm has also got further commitment from these investors. It will use the funds for product development and marketing.

"We are a product centric company, which is also our Intellectual property. Bulk of the investment would be into product development. The other share would belong to Marketing and Business development," said Akshat Saxena, Co-founder, ePayLater.

The startup was founded in December 2015 by Aurko Bhattacharya, Prasannaa Murlidharan, Uday Somayajula, Shanmunathan Thiagaraja and Akshat Saxena. The company gives customers the option to “buy now and pay later” on online portals with just a 1-click. The customers are billed only after they receive the delivery of the product and hence its solution address the trust issues related to online shopping and acts as a good substitute for COD. In addition, the customers get 14 days to make the payment, in which time they can many more transaction trough a single click checkout, bunch them all together and make a single payment at the end of the period. Further, since the checkout is single click it offers a near 100% transaction success rate model unlike payment gateways which witness significant drops.

"We're building a very exciting product which takes real time credit and fraud decisions with none to minimal customer intervention/ inconvenience. We believe that we can offer the best payment customer experience - and that would be by being completely invisible and operating behind the scenes at the point of checkout!!," added Prasannaa Muralidharan, Co-founder, ePayLater.

"It's an avenue to put our knowledge and creativity into practice and solve some seemingly complex challenges. Besides the effort on product and marketing, we have also consciously tried to build a culture that fosters innovation. We often engage in blue sky discussions, and many of our ideas have actually taken shape when we least expected!," mentioned Aurko Bhattacharya, Co-founder, ePayLater.

The startup has on-boarded few leading eCommerce merchants already and hope to expand the list at a quick pace as the concept establishes its merits. The company charges a commission per transaction from the merchant.

"Indian e-commerce is expected to cross $75 Billion by 2020 which would still be less than 10% of the size of overall retail pie. We expect ePayLater to be the preferred payment solution considering that it offers the most exhaustive set of features to customers and merchants alike. We are looking at penetrating the e-commerce space enough before diversifying our portfolio to also include offline payments as well. This gives us a huge headroom and legroom for growth," said Akshat while commenting on the market size.

Recent deals in the space

Earlier this month, CreditVidya had secured $2 million in Series A funding from Kalaari Capital.

Last month, online investment platform Goalwise had raised $1 million from affluent individuals while online peer-to-peer (P2P) lending platform i2ifunding had secured Rs 2 crore from a group of angel investors.

In April, digital payments firm TranServ Pvt. Ltd had raised $15 million in its Series C round of investment led by venture capital fund IDFC SPICE and consumer electronics maker Micromax Informatics Ltd. The same month, online lending marketplace Deal4Loans had raised an undisclosed amount of funding from a bunch of investors.

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