- The funding round also included investments from Genesia Ventures, Auxano Capital, Raghuvanshi Investments, and other notable investors.
- The company plans to utilize the raised funds to onboard Banks and Biller Operating Units, as well as Agent Institutions, onto the BBPS Network.
August 2024: plutos ONE, India’s youngest licensed and empaneled Bharat Bill Payment System (BBPS) Technical Service Provider (TSP), co-founded by Rohit Mahajan and Rajjat Gulati, has successfully raised $2 million in a seed funding round.
The funding round was led by StartupXseed, a prominent Bangalore-based venture capital firm, with participation from Tokyo-based Genesia Ventures, Auxano Capital, Raghuvanshi Investments, and other investors.
The newly secured funds will be utilized to onboard banks as Biller Operating Units (BOUs) and Agent Institutions onto the BBPS network, further expanding the digital payment ecosystem in India.
Rajjat Gulati, Co-Founder & CEO of plutos ONE, commented, “Our mission at plutos ONE is to extend the reach of the Digital Public Infrastructure developed by NPCI and its subsidiaries to every corner of India. As licensed TSPs for BBPS, we are in a unique position to facilitate banks in connecting both their business and individual customers to seamless digital bill payments. This funding round is a significant step forward in our plans to build the payments infrastructure for the next 200 million Indians.”
Ravi Thakur, Co-Founding Partner at StartupXseed Ventures, added, “plutos ONE is pioneering a new approach to building India’s digital payments ecosystem. The team’s proven track record in delivering large-scale digital solutions for banks makes us confident in their ability to scale and empower more Indian banks to better serve their customers. We’re excited to partner with them on this journey.”
Previously, plutos ONE raised an angel round from a group of distinguished investors, including Aakash Chaudhry (Co-Founder of Aakash Educational Services Ltd.), Prabhjeet Singh (President of Uber India & South Asia), Neeraj Mohan (MD & CEO of IARC and ex-MD & Operating Partner of Blackstone India), Gautam Kamath (Group CFO of P&G India), Ravi Gosain (MD of Erco Travels), Harish Chandra (President of Indian Achievers Forum), Chanakya VC, Sarcha Advisors, among others. StartupXseed and Raghuvanshi Investments were also part of this earlier round.
