Plutos ONE raises $2 Mn in seed round led by StartupXseed

Plutos ONE,  a technical service provider (TSP) for the Bharat Bill Payments System (BBPS), has secured $2 million in a seed round led by StartupXseed. The round also witnessed participation from Genesia Ventures, Auxano Capital, Raghuvanshi Investments and other investors.

The Delhi-based platform had previously raised an angel round from its existing investors and others like Aakash Chaudhry, Prabhjeet Singh, Neeraj Mohan, Gautam Kamath, Ravi Gosain, Harish Chandra, Chanakya VC, Sarcha Advisors and others.

The fresh funds will be used for onboarding banks as biller operating units as well as agent institutions on the BBPS network, Plutos ONE said in a press release.

Co-founded in 2021 by Rohit Mahajan and Rajjat Gulati, Plutos ONE is licensed and empaneled by NPCI Bharat BillPay Limited (NBBL). It owns and operates a merchant- funded aggregation platform on which it runs card activation solutions for various credit and debit card issuers. 

Its clients include NPCI, Visa, Punjab National Bank, Kotak Mahindra Bank, IDFC First Bank, Yes Bank, BHIM UPI, BobCards, UCO Bank, Bank of Maharashtra, IDBI Bank and Loylty Rewardz.