Rise My Venture team recently heard about the fund raising news of most popular mobile payment system Chillr. As FinTech startups are fast gaining traction, many investors are shifting their focus on them. The most recent case being the VC firm Sequoia investing $6 Mn in Backwater Technologies, the startup behind Chillr app, in a Series A funding round. The app allows users to transfer money to their contacts in their phonebooks. The round is not closed yet and there will be other investors joining in the next few weeks.
Mumbai-based Backwater Technologies will use the fund for customer acquisition, technology upgradation and strengthening the team. . It has already tied up with HDFC Bank, Bank of Baroda and plans to partner with 15 more banks by the year end.
“We have crossed four lakh transactions since Chillr’s beta launch in February 2015 and customer feedback has been amazing. Unlike wallets, which reduce the number of times users have to enter bank/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 INR 1000 and most users recharge their mobiles three or more times in a month. 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,” said Sony Joy, cofounder and CEO of Chillr.
Chillr currently, registers over 5000 transactions worth $76000 a day and is aims to achieve 1 lakh transactions per day by end of this year. It already has 3.5 lakh installs, with 2 lakh customers who have linked their bank accounts to the app in order to facilitate transactions. It ensures that all transactions are authenticated by a 4-digit MPIN issued by the bank. From peer-to-peer transfers to bill payments and mobile recharges, the company now aims to tie up with 30,000 merchants, by the end of March 2016.
The company had previously raised $1 Mn from MobMe Wireless – it’s parent company, and plans to raise about $1.5 Mn in another round soon. Currently, the team size is 70 and the company plans to bring this number up to 150 by the end of current fiscal year.
Chillr envisions a cashless economy riding on the smartphone wave and is working closely with leading banks to accelerate the process. 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. By end of March 2016, Chillr aims to tie up with 30,000 merchants and on-board 15 leading banks. Currently, the team size is 70 and the company plans to scale up to 150 by the end of current fiscal year.
Money transfers made easy :
- Send money to anyone in your contact list by using only your contact’s mobile number. No more adding beneficiaries and asking for their bank details.
- You can also send money without sharing mobile numbers with Chillr App users in your vicinity, using ‘Near Me’ option
- Split bills easily among your friends and colleagues
- Recharge your mobile, DTH and data cards
- Transfer money between your bank accounts
- Immediate flow of money between bank accounts
- Available 24×7 including weekends and bank holidays!
High-end security :
- All transactions are authorized through an M-PIN that is issued by HDFC Bank and known only to you.
- No passwords are stored in the App
- Custom keyboards to protect you from phishing attacks
- Secured by 2048-bit client certificates
Generate your MMID using MobileBanking or NetBanking and then SMS MPIN <last 5 digits of Account Number> to 5676712 or log on to NetBanking to generate your M-PIN instantly.
How to get started :
Step 1: Generate your Mobile Money Identifier (MMID) through MobileBanking or NetBanking
Log on to MobileBanking > Click ‘Third Party Funds Transfer’ > Click ‘Generate MMID’ > Select Bank A/c No. > Confirm
Log on to NetBanking > Click ‘Requests’ > Click ‘Generate MMID’ > Select Bank A/c No. > Confirm
Step 2: MPIN Generation is now easier and faster.
To generate an instant MPIN – SMS MPIN to 5676712 or 9717465555
Log on to Net Banking or MobileBanking > Click ‘Accounts’ > Click “Generate M-PIN” > Select Bank A/c No > Confirm
In case you do not have access to NetBanking or MobileBanking, you can also call 1800 2666 262 (Toll free) to get your MPIN within 24 hours. Once you receive your M-PIN, you will have to change it to a 4 digit M-PIN of your choice. To do this:
1. Select Change M-PIN from Settings (Sliding Menu)
2. Enter your old M-PIN
3. Enter your new M-PIN and confirm
1. Dial *99# from your phone (Available only on GSM Phones)
2. Enter ‘HDFC’ as the first four letters of your bank
3. Select option – ‘Change M-PIN’
4. Follow the instructions to change your HDFC bank generated M-PIN and set a new M-PIN of your choice
Momoe is another P2P mobile payments startup that raised$1.2 Mn in seed funding in a round co-led by IDG Ventures India and Jungle Ventures. Mumbai-based India Quotient also participated in this round. The app enables people to make payments using their mobile phones while eating out, shopping or commuting.
This article has been well researched by Rise My Venture team.