Momoe, a mobile payments start-up which lets you go cashless when you’re out eating, shopping or travelling, has raised, what could quite possibly be one of the largest seed rounds ever raised in India. The startup has raised a good $1.2 Million in seed round, led by IDG Ventures with participation from India Quotient.
Momoe offers a unique cashless payment system, which is probably more suited to Indian audience rather than what companies like PayTm and Mobikwik have to offer. While PayTm offers a you a mobile wallet where in you’re required to deposit money through credit/debit cards, Momoe allows you to use your cards directly by storing in all necessary details. Cutting it short, Momoe is more like a virtual credit card in your pocket.
The app allows users to view their live bills at brick & mortar outlets like restaurants, grocery stores etc. and checkout at their convenience without having to wait for their bills.
For the merchants, Momoe provides insights on consumer preferences and being able to reach out to consumers with right offers that their customers would value. Vithata, the owner of Prost Brewpub in Koramangala, Bangalore, an early adopter of Momoe at his restaurant says,
Customers love the convenience of viewing their live bill and splitting it with their friends. Momoe resonates with our tech savvy customers. Waiter productivity has improved significantly and partnering with Momoe for promotions has given us one of our highest billing days.
Considering the fact that the company is just year old, raising $1.2 Million in a seed round is a big deal. Utkarsh Birandar, co-Founder Momoe says,
We are the early movers in the space
With fresh funding in hand, the company is expecting to handle as much as INR 3,000 crore ($500 Million) worth of transactions in the next 18 months. The company’s expansion plans include tie-ups with more than 500 merchants in the next few months.
However, what further differentiates Momoe from others is its constant focus towards customer convenience. Once installed, Momoe app users get the facility to split fares among themselves, thus making this app an instant hit among India’s tech-savy youth.
Mobile-focussed startups have been pretty much in the limelight, here in the sub-continent. While that can obviously be accounted to India’s burgeoning mobile populace, it is also because of India’s smartphone population’s surging interest into mobile apps.
Amit Anand, founding partner at Jungle Ventures, who also participated in the round, says,
With Asia accounting for over half of the world’s mobile devices, this region is alive with growth potential for Momoe
We’ve mailed Momoe for an official statement, and will update the story once we receive s confirmation.