New Delhi — Indian startup Nimbbl which aims to improve conversions for merchants with its one-click payment checkout solution has raised $3.5 million in seed and pre-Series A rounds from Sequoia Capital India, Global Founders Capital (GFC), financial services platform Groww and a list of angel investors. The funds raised will be deployed to scale the system and boost sales a report published by TechCrunch read.
Founded by former Citrus Pay and PayU executives Anurag Pandey and Amit Bansal in October 2020 Nimbbl personalizes the experience for customers by showing them payment methods relevant to them.
[caption id="attachment_1425" align="alignnone" width="300"] Amit Bansal and Anurag Pandey founded Nimbbl in October 2020[/caption]
According to the report, customizing the checkout process for customers results in up to 40% hike in payment initiation rate on Nimbbl. This leads to a revenue boost of 6-8% for merchants.
Nimbbl’s checkout solution, which can be integrated into websites, mobile apps, and commerce platforms such as Woo Commerce, Magento, or Shopify, has attracted over 4,000 merchants since its launch. Among its clients are Go First, audio device manufacturer Skullcandy, and cruise liner Cordelia Cruises.
Nimbbl, which currently has a team of 37 people located in Mumbai, New Delhi, and Bengaluru, has generated approximately $240 million in total payment volume for the financial year 2022-23.