ePayLater, the Mumbai and Gurugram-based fintech startup, has raised Rs 18 crore in a funding round led by Pravega Ventures and joined by others.
Companies in Pravega Ventures’ portfolio include document scanning and management platform Kaagaz, SME-focused digital payments platform Mintoak, and content creator firm CreatorOS.
Founded in 2015 by Akshat Saxena, Aurko Bhattacharya, and Uday Somayajula, ePayLater is a payment solution that aims to separate the experience of shopping from the hassles of payment process. The startup is operated by Arthashastra Fintech Pvt Ltd.
Its platform offers 14-day interest-free credit to borrowers for purchasing goods and services from partner merchants. ePayLater also has partnerships with companies including Walmart and Metro Cash & Carry.
Investors in the company include ICICI Bank, GMO PG, and Patni Financial Advisors, ePayLater said in a statement.
In 2016, ePayLater secured $2 million in a seed round of funding from three individuals. In 2018, ICICI said it would invest Rs 8.72 crore in the company for a stake of about 10%.
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