After exploring and putting plethora of funds in almost all the sectors, how can FinTech domain be left behind from VC’s eyes which is fast gaining traction. We can say that FinTech is the next area where Indian startups are heading and VCs are shifting focus to.
One of the such startup from Mumbai, an App based FinTech startup Chillr doing amazing in the market and getting wide spread reach among users. The startup behind Chillr, Backwater Technologies has just raised USD 6M funding from Sequoia Capital and they are claiming that series A round has not yet closed and some more investors will be joining the round by next week.
Launched in Dec’13 by Sony Joy-CEO and Anoop Shankar-CTO, this startup is doing quite well in the market with partnership with some of the big banks like HDFC Bank and Bank of Baroda and plans to add 15 more in their Partners list by end of this year. They earlier had raised 500K of seed money just after a month of launch i.e in Jan’14. This was earlier supported by USD 1M of fund by MobMe Wireless, Chillr’s parent company and also a startup incubator in Kerala.
With this App, user can send money instantly to anyone in their mobile contacts without knowing the recipient’s bank account details. Apart to this, user can recharge mobile and pay utility bills using the Chillr Mobile App.
Sony Joy, a serial entrepreneur who cofounded MobMe Wireless (a telecom VAS company) in Dec06 and since then he was actively on the entrepreneurial path and worked on the ideas to solve real problems for users in the Indian Market. At MobMe wireless, he met Anoop where these two worked on this idea to incubate and launch mobile app startup ‘Chillr’. He is also the chief evangelist at Startup Village, a startup incubation center based out at Kochi under PPP model which is a partnership with state govt.
Anoop Shankar, earlier was VP of Engineering at MobMe Wireless and currently playing role of CTO at Chillr.
The company will use part of the funds to acquire customers and merchants and part of the funds on its technology and to strengthen its team.
Mobile App: For Android Smart Phone