Paysense, a Mumbai-based technology driven loan distribution platform, raised $5.3 million (Rs 34 crore) in a Series A funding round led by Singapore-based Jungle Ventures, a company statement said. South African business conglomerate Naspers and existing investor Nexus Venture Partners also participated in the round.
The company said it will use the funds to ramp up its technology infrastructure, expand its data science and technology team, and enter Tier 2 cities. Paysense had last raised $2.3 million from Nexus Venture Partners and other angel investors in 2015.
It is present in nine major cities, including Mumbai, Delhi NCR, Bangalore and Chennai. The two-year-old startup plans to offer customised loan offerings to its users and is also in preliminary talks with potential lending partners.
Financial technology startup Telr raised $3 million (about Rs 20 crore) in a Series B round from Innovations East fund, a company statement said.
Telr, which operates in the Middle East, Southeast Asia and India, is an aggregator of multiple payment methods, including cards and online banking. It offers unified application program interfaces (a set of tools for building software applications) to enable businesses to accept and manage online payments.
“The infusion of funds would help Telr not only strengthen its core offering, but also innovate around payment methods. Furthermore, while we focus on deeper penetration in the UAE, India, Saudi Arabia, Egypt and Indonesia, the funds will facilitate our expansion to other emerging markets,” Sirish Kumar, co-founder of Telr, said. The startup will also use the funds to offer short-term loans…