Indian startup Nimbbl secures $3.5 million funding for personalized 1-click payment checkout solution

• ByStartup Story Team     |    March 28, 2023

On Tuesday, Nimbbl, an Indian startup that aims to enhance merchant conversions with its 1-click payment checkout solution, announced it had raised $3.5 million in seed and pre-Series A funding from Sequoia Capital India, Global Founders Capital (GFC), Groww, a financial services platform, and a group of angel investors. The Mumbai-based firm’s 1-click checkout solution provides various payment options, including Buy Now Pay Later (BNPL) options and the Indian government-backed Unified Payment Interface (UPI). Nimbbl creates a personalized payment experience for customers by displaying relevant payment methods instead of offering every option available.

According to an interview with TechCrunch, Anurag Pandey and Amit Bansal, former executives at Citrus Pay and PayU, founded Nimbbl in October 2020. Pandey explained that they came up with the idea while working at Safexpay, a fintech startup in India, after leaving Citrus Pay and PayU. He stated that they recognized the need to address the problem from the ground up and adopt a new approach to solve it.

According to Pandey, Nimbbl’s personalized checkout experience results in a 40% increase in payment initiation rates, leading to a 6-8% rise in merchants’ revenue. While other payment aggregators provide their own checkout solutions for merchants, they do not adequately address the payment initiation issue or alleviate the inconvenience for customers in selecting the appropriate payment methods. Furthermore, their checkout solutions may lack modern payment options such as UPI and BNPL, which tech-savvy customers typically seek while making purchases.

 

While 1-click checkout solutions are available for commerce platforms like Shopify in the United States, Indian customers have not had access to similar offerings. Nimbbl, on the other hand, offers an integrated solution that can be used on websites, mobile apps, and various commerce platforms such as Woo Commerce, Magento, or Shopify.

Nimbbl has already onboarded more than 4,000 merchants to utilize its 1-click checkout solution since its launch. Among its clients are Indian airline Go First, audio device manufacturer Skullcandy, and cruise liner Cordelia Cruises.

In the financial year 2022-23, Nimbbl has processed a total payment volume of around $240 million. The startup aims to increase its merchant base to 20,000 by 2023-24 and process a payment volume between $970 million and $1.2 billion during the same period. Nimbbl currently employs 37 individuals across Mumbai, New Delhi, and Bengaluru.

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