Backwater Technologies, which operates multi-bank mobile payment app Chillr, has raised $6 million (Rs 40 crore) in Series A funding from Sequoia Capital.
The company has not closed the 'Series A' round, first runs of institutional investments, and expects participation from other investors in the next few weeks, Backwater Technologies said in a statement.
“Unlike wallets, which reduce the number of times users have to enter bank or card details, Chillr is probably the only app that simplifies payments end to end and eliminates the need of entering these details. We have witnessed that average peer-to-peer transaction value is close to Rs 1,000 and most users recharge their mobiles three or more times in a month," said Sony Joy, Founder and CEO, Chillr.
"This proves that users are preferring to use digital money and the capital infusion will help us enhance our offerings and achieve the vision of enabling a digital economy," he added.
The company will use part of the capital to acquire customers and merchants and the rest of the capital will be invested in technology and to strengthen the team.