Chillr, the multi-bank mobile payment app have raised funding worth $ 6 Million (Over Rs 40 Crore) in their Series A round of funding. The round was led by Sequoia Capital and Chillr is expected to use this for implementation of their growth plan.
The Series A Round is yet in progress and we expect other investors to join Sequoia in a next few weeks, said the Chillr Officials.
As per the statement of MD Sequoia Capital Mr Shailesh Lakhani, Chillr is one of the most smoothest payment experience in the recent time and we look forward to this deal as they continue on their operation to eliminate cash.
Chillr is expected to tie up with over 30,000 merchants and acquire a huge customers base as they will expand their technology team. They are also on the verge of tie-up with top 15 banks by end of FY 2015-16.
Chiller currently have a team size of around 70 and will be doubling the mark to almost 150 people strong team. It is interesting to known that ever since Chillr Beta was launched in Feb 2015, Chillr have crossed the 0.4 million transactions mark already.
People’s love toward usage of digital money have been increasing exponentially in the country with the likes of Oxygen Wallet, PayTM wallet and MobiKwik wallet doing well.
Chillr app is already backed by HDFC as they offer it as their mobile banking solution. Their marketing style is also different as I have personally seen Chillr staff offering eatables and goodies for Rupee 1 transaction using their system in major IT hubs of India.