 "Multi-bank payments app Chillr raises $6 mn in Series-A funding from Sequoia Capital")
Chillr, run by Backwater Technologies, is in the process of raising $6 million in Series A funding from Sequoia Capital. Sources said that the round is not closed yet and there will be other investors joining the round in the next few weeks.
The company will use part of the capital to acquire customers and merchants and the rest on upgrading technology and hiring.
“We have crossed four lakh transactions since Chillr’s beta launch in February 2015 and customer feedback has been amazing. We have witnessed that average peer-to-peer transaction value is close to Rs 1,000 and most users recharge their mobiles three or more times in a month. This proves that users prefer digital money. The capital infusion will help us enhance our offerings and achieve the vision of enabling a digital economy,” said Sony Joy, founder and CEO, Chillr.
Shailesh Lakhani, MD, Sequoia Capital confirmed the development, tweeting, “Chillr is the smoothest payment experience we have seen. We look forward to partnering with the team as they eliminate cash.”
Chillr is a person-to-person money transfer platform. The product supports recharging of prepaid phones, DTH accounts and data cards. By end of March 2016, Chillr aims to tie up with 30,000 merchants and 15 banks.
Since its beta launch in February 2015, 2 lakh users have linked their bank accounts through the app.
