Backwater Technologies, the parent company behind money transfer app Chillr, has now secured a $6 Million Series A round from US-HQed VC Firm Sequoia, with plans to raise close to $1.5 Million more in the current Series A round.
Chillr, an app started by Mumbai-based BackWater Tech., lets you transfer money to any contact on your phone book via its mobile app. The startup currently has tie ups with two of India’s biggest banks — HDFC Bank and Bank of Baroda, with plans to get as many as 15 more banks onboard.
Chillr had earlier raised just short of $1 Million from MobMe Wireless.
With fresh influx of capital, the startup is now looking at increased customer acquisition as technology increasingly disrupts the financial services industry. To put things via statistics, Chillr is already processing close to 5000 transactions a day, amounting to 50 Lacs a day. The startup is now looking to reach a whopping 100K transactions a day by the end of this year.
Sony Joy, co-founder and CEO of the company said in a statement,
We launched the application in March by tying up with HDFC Bank and till date have done 4 lakh transactions worth Rs 20 crore.
The app, which earlier started with a simple peer-to-peer transfer model, has already seen a staggering 350K installs, with over 200K customers already linking their bank accounts with the application to both make and receive payments.
Financial service is one of those market segments in India, which has continued to be reluctant in adopting and integrating new-age tech into core systems. That being said, we have still seen a few noticeable startups coming in this field, disrupting the segment with robust and rapid tech.
The prospects for an app like Chillr become even more brighter, considering Indian Government’s massive push to get every Indian, a back account. With Chillr, even India’s rural and semi-urban populace could easily transfer funds to their relatives and known, without going through the hassle of cheques, DDs or even online banking.