Suvidhaa Infoserve, a services commerce company, has launched an online payment platform for consumers called suvidhaa.com. The new service lets consumers pay DTH, mobile and utilities bills apart from making payments towards insurance. It comes with reminders and data on all payments made by a customer over time through a bill management system.
The company had raised $12 million in its third funding round, from Japanese corporate conglomerate, Mitsui & Company in 2011. It had raised a total of $25 million which includes seed funding by billionaire Shapoor Pallonji Mistry. The company had raised $7 million in its second round of funding from IFC (World Bank Group), and existing investors, Norwest Venture Partners (NVP) and Reliance Venture Asset Management (RVAM). The two had earlier invested an undisclosed amount in the company.
Founded in 2007, the company allowed users to make payments to IRCTC for railway ticketing, major airlines for airline ticketing, telecom services purchases from Vodafone, Airtel, BSNL, Reliance, Idea, Aircel,Tata Docomo and MTNL, banks such as Union Bank of India, Corporation Bank, ICICI Bank, Indian Overseas Bank, YES Bank, and Karnataka Bank , financial services and insurance players such as, LIC, ICICI Prudential ,HDFC Life, Metlife, ING Vysya, Birla SunLife, bus ticketing from more than 400 bus operators, multiplexes such as Fun Cinema, and to others. It also supports bill payment for utility companies for electricity, gas, telephones and mobile bill payments.
However, payments could be made only through a network of 45,000 neighborhood stores or ‘Suvidhaa Points’ across 1700 cities and towns in 28 states. These stores were essentially kirana stores, mobile stores, medical Stores, STD Booths, cyber cafes, travel agents, insurance agents and many other categories of neighborhood stores, equipped with Suvidhaa’s payment terminals. It currently has 65,000 such outlets and is looking to cross 100,000 outlets within a year.