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Venture Capital | 6 January 2015

Sri Capital Invests In Payments Gateway NumberMall

by Ahemad Shaikh
Sri Capital Invests In Payments Gateway NumberMall
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Sashi Reddi led Sri Capital has invested an undisclosed amount in merchant-managed payment gateway, NumberMall. The deal provides Sashi Reddi a board position.

The funds will be used to fund the company’s expansion plans and is part of the company’s Series A fund raise to the tune of $10 Mn.

The four year old venture founded by Kiran Gali, serves as a single payment gateway for a variety of transactions including mobile recharges, DTH recharges, data card recharges, post paid bill payments and bus tickets.

The deals linked to the NumberMall wallet allow the merchants to make their own offers or of others.

The company claims to have around 13K merchants in south India which it seeks to sky rocket to a lakh with a pan India presence in the coming 18 months.

Recently, MoneyOnMobile was said to acquire NumberMall at a valuation of R120 Cr. However, the Hyderabad based startup rejected the offer.

Vertical Expert Technologies, the company behind the portal had posted a top-line of R117 Cr for the last fiscal and has a target of R250 Cr for the current one.

The digital payment industry is expected to grow at 40% and touch R120,120 Cr ($ 20.02 Bn)in 2014. Last year the industry outgrew to R 85,800 Cr ($ 14.3 Bn), according to the latest IAMAI report.

Recent deals in this space:

  • PayUmoney acquired Delhi based Cobboc Private Limited which owns POS payment system called Eashmart.
  • Pokkt raised $2.5 Mn in Series A round of funding from JAFCO Asia, a Singapore-headquartered VC firm, along with SingTel Innov8, Jungle Ventures, and serial entrepreneur Ganesh Krishnan.
  • Innoviti Embedded Solutions Private Limited raised a total of R10 Cr from Tata Capital Limited and 3 HNI’s.
  • A group of angels led by Ananda Kallugadde, MD of Neobytes Softwares invested an undisclosed amount in mobile payments solution provider iKaaz

SRI Capital was the investment fund set up by Sashi Reddi from the proceeds of sale of AppLabs to CSC. Its portfolio includes Edutor (tablet-based education solutions), ThinCI (graphic chip design) and iMomentous (talent management).

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