Plutos ONE, a Delhi-based technical service provider (TSP) for the Bharat Bill Payments System (BBPS), has successfully raised $2 million in a seed funding round. The investment was led by StartupXseed, with participation from Genesia Ventures, Auxano Capital, Raghuvanshi Investments, and several other investors. This funding marks a significant milestone for Plutos ONE, as it gears up to expand its operations within the BBPS network.
Details of the Funding Round
In addition to its $2 million seed round, Plutos ONE had previously raised an angel round from a range of prominent investors. These include Aakash Chaudhry, Prabhjeet Singh, Neeraj Mohan, Gautam Kamath, Ravi Gosain, Harish Chandra, Chanakya VC, Sarcha Advisors, and others who continue to back the startup. The fresh infusion of capital will be directed towards onboarding banks as biller operating units and agent institutions on the BBPS network, enabling smoother bill payments across India.
Plutos ONE’s Journey and Business Model
Founded in 2021 by Rohit Mahajan and Rajjat Gulati, Plutos ONE operates as a licensed and empaneled service provider with NPCI Bharat BillPay Limited (NBBL). The startup plays a critical role in facilitating seamless bill payments by running a merchant-funded aggregation platform. This platform offers innovative card activation solutions to credit and debit card issuers, making it a trusted partner for banks and payment processors.
Plutos ONE’s mission is to streamline bill payment services across the country by leveraging its technical expertise. Its platform enhances the BBPS ecosystem by simplifying transactions for both billers and consumers, thereby promoting a cashless economy. The startup’s focus on technology-driven solutions has allowed it to quickly gain traction and establish strong partnerships within the financial services industry.
Key Partnerships and Clients
Plutos ONE has successfully built an impressive client portfolio that includes some of India’s leading banks and payment networks. Among its clients are major institutions such as NPCI (National Payments Corporation of India), 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. These partnerships demonstrate the trust that Plutos ONE has earned in a relatively short period, reflecting the strength of its services and the value it brings to its clients.
The Role of BBPS and Plutos ONE’s Contribution
The Bharat Bill Payment System (BBPS) is an integrated platform launched by the Reserve Bank of India to offer interoperable and accessible bill payment services to consumers across the country. BBPS covers a wide range of bill payments, including utilities, telecom, DTH, and more. As a licensed Technical Service Provider (TSP), Plutos ONE plays a vital role in enabling banks and financial institutions to offer these bill payment services effectively.
Through its innovative platform, Plutos ONE connects billers, banks, and consumers, ensuring a secure and efficient payment process. The startup’s emphasis on merchant-funded solutions allows it to offer cost-effective services while maintaining a high level of reliability and customer satisfaction.
Future Plans and Expansion
With the fresh funding from the seed round, Plutos ONE plans to accelerate its growth by expanding its network of banks and agent institutions within the BBPS ecosystem. By onboarding more banks as biller operating units, the company aims to enhance the reach and convenience of its services, benefiting millions of consumers across India.
Co-founders Rohit Mahajan and Rajjat Gulati have expressed their commitment to driving the next phase of growth for Plutos ONE by leveraging their deep industry expertise and strong investor backing. The startup is poised to become a key player in the digital payments landscape, contributing to India’s vision of a more inclusive and efficient financial ecosystem.
In conclusion, Plutos ONE’s recent $2 million seed funding round is a testament to its strong business model and the confidence that investors and clients have in the startup’s potential. As it continues to grow and expand its offerings, Plutos ONE is well-positioned to make a lasting impact on the Indian payments industry.
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