BNPL Fintech startup, Paytail, has raised $1.5 million from Cholamandalam and other marquee angel investors as part of its Seed round. Along with Cholamandalam, Paytail is committed to building a network of other large financial institutions to cater to the pre-approved loan offers for consumers. Maple Capital is the investment banker for this transaction, and Stratage law is the legal advisors to the company, Paytail said in a press release.
Paytail further plans to utilize the fresh funds to enhance the product and build a strong team to transform the experience of offline buyers and sellers and achieve 10x-15x growth rate in the monthly transactions in the next 12 months.
Based in New Delhi, Paytail is a tech company. Vikas Garg, co-founder of Paytail, said, “We are trying to address the real pain points in a segment that contributes 95 percent of India’s retail, away from the internet-only offerings of the present BNPL players. With this funding, we will be able to enhance the product and build a strong team. We have the vision to create the largest retail BNPL Fintech in India and are efficiently working towards it.”
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