Paytail, a BNPL fintech firm, revealed on Thursday that it had raised $1.5 million in a seed round from Cholamandalam and other prominent angel investors. Chola’s participation will bolster the platform’s capital supply, which is a critical component for scaling up the BNPL fintech company.
Paytail, along with Cholamandalam, is committed to establishing a network of other significant financial institutions to serve consumers with pre-approved loan offers. Maple Capital served as the transaction’s investment banker, while Stratage Law served as the firm’s legal counsel.
Speaking on the funding, Vikas Garg, Co-founder of Paytail, said, “Since its inception, Paytail has been on a mission to create a level field for both offline buyers and sellers, as the retailers in this sector have been facing fierce competition from large e-businesses. We are trying to address the real pain points in a segment that contributes 95 percent of India’s retail, away from the internet-only offerings of the present BNPL players. With this funding, we will be able to enhance the product and build a strong team. We have the vision to create the largest retail BNPL fintech in India and are efficiently working towards it.”