Payments infrastructure startup Easebuzz is in advanced stages of talks to raise $15-20 million in a new round, two sources aware of the development told Entrackr.
“Easebuzz is finanlising a financing round to be led by International Finance Corporation (IFC) while existing backers are likely to participate,” said one of the sources requesting anonymity. “Easebuzz will be valued at around $120 million post money.”
The Mumbai-based startup had earlier raised $4 million in a seed round led by 8i Ventures, Varanium Capital, and Guild Capital in April 2021. As per Fintrackr’s estimates, the startup was valued at around $17 million during the seed round.
According to sources, the company may announce the round in a few weeks.
“Easebuzz do-not comment on speculative information,” said the company’s spokesperson in a statement to Entrackr. Queries sent to IFC did not elicit any response at the time the story was published.
Easebuzz is a B2B focused API driven platform where businesses can plug and play financial services by integrating a few lines of code in their own software. It works with financial institutions, regulators, payment networks, banks, and consumer wallets.
Easebuzz presently serves over 85,000 enterprises in a variety of industries including education, e-commerce, retail, BFSI, healthcare, and travel & tourism. Last year, the company announced that it has received in-principle approval from Reserve Bank of India (RBI) for Payment Aggregator (PA) Authorization. Recently, it partnered with the Indian Railway Catering and Tourism Corporation (IRCTC) to help handle large volumes of transaction processing.
Easebuzz recorded a 3X surge in scale to Rs 122.8 crore during FY22 as compared to Rs 41.11 crore in FY21. As per the company’s standalone financial statement with the RoC, its profits also jumped 3.7X to Rs 23.07 crore during the year from Rs 6.16 crore in FY21.
A recent report highlighted that IFC could double its investments in India in the coming years and also help the companies in their global expansion. Previously, it has backed several startups such as Moglix, Waycool, Shadowfax, Blackbuck, Navi, Bizongo, Coverfox, and CleanMax Solar, among others.
