Payment services startup Happay has secured Series B funding of Rs 65.1 crore from Sequoia Capital, Singapore-based Axiom Asia and AME Cloud Ventures, reports The Economic Times. The publication said that it found out about the development in company’s ministry of corporate affairs’ filings. The company has confirmed the development to MediaNama.
According to the report, Sequoia invested Rs 38.5 crore, while Axiom Asia and AME put in Rs 25.7 crore, and Rs h35 lakh respectively. The Bangalore-based startup was founded in 2012, and was incubated by TLabs back in May 2013. The company had started as a mobile wallet for P2P and B2C transactions, later it pivoted to expense management solution for businesses. The company allows its client’s employees to record expenses such as receipts etc on Happay mobile app, which get synced with company records for expense reports and management.
According to a Business Standard report, Happay is marking one million transactions every month, and has clients such as Aditya Birla Retail Ltd., Health & Glow, IBIBO Group, Uber, Urban Ladder, OYO Rooms, V Guard, and Unnati NGO. In a statement shared by the company, it said that Happay has about 4500 clients across 27 cities, and going forward the company will chart out its future strategy around digital payments in the country.
Previously, the startup had raised $500,000 in April 2015 from AngelPrime for product development, marketing and to expand its technical and sales team.
Expense management space
There’s a host of expense management apps for personal as well as corporate use on the Google Play Store. Happay primarily competes with apps like Expensify, Zeta, Finly, Zoho Invoices, amongst others.
In June, digital employee benefits solutions provider Zeta made an equity investment in ZingHR, which offer solutions such as meal vouchers, paperless claims for medical, LTA, fuel, and mobile among others.
Update: We have updated the story as we received a statement from the company.