A fundraising round led by Bessemer Venture Partners has garnered Rs. 240 crore ($30 million) for the digital payments business Easebuzz. Primary capital of Rs. 200 crore and secondary capital of Rs. 40 crore were included in the round.
Since 2021, when it raised $4 million under the leadership of 8i Ventures and Varanium Capital, this is Easebuzz's first significant funding round.
According to a press release from the company, the money will be utilized to improve branding, recruit top personnel, and grow operations in four important industries: banking, government payments, real estate, and education.
Easebuzz currently serves 10,800 educational institutions and offers software tools to assist with client onboarding. By the end of the year, the Pune-based company hopes to have doubled its monthly transaction volume of $3 billion.
Additionally, it intends to enter Southeast Asia and the Middle East and increase offline payments, which presently account for only 10% of revenue.
According to Managing Director Rohit Prasad, the business plans to go public in the next two to three years. "We wanted a global fund on board, but we did not want to dilute much because we are already profitable," he stated.
For FY25, Easebuzz recorded a gross revenue of Rs. 650 crore and a net profit of Rs. 22 crore. Bank payments are settled using the majority of this revenue. The RBI granted Easebuzz final permission to function as an online payment aggregator earlier this year, and the company is currently applying for a cross-border payment aggregator license in order to service global markets.
