Payinstacard will use the seed funding to revolutionise the bill payment sector in India by acquiring new customers.
Payinstacard, an app that makes bill payments easy and rewarding, has raised an undisclosed and major investment. The funding round saw participation from notable business personalities, including PC Doraswamy, a veteran business leader and partner at Brandix India, and Sandhya Rani Maddipati, a former banker turned successful industrialist.
Payinstacard’s founders, Sai Krishna Musunuru and Sri Nagesh Kotipalli, expressed optimism about the future of fintech in India. They highlighted the vast potential in the Indian market, with over 350 million active payment users expected to grow to 700 million by 2030. Payinstacard aims to capitalize on this expansion by introducing more user-friendly and innovative payment solutions tailored to the Indian populace.
Doraswamy said, “Investing in Payinstacard was a strategic decision driven by my belief in their vision and their technological approach to revolutionizing bill payments. I see immense potential for growth and innovation in the Indian fintech landscape through Payinstacard."
Incepted in 2022, Payinstacard Pvt. Ltd. claims to redefine the bill payments process in India, focusing on creating a seamless, secure, and user-friendly platform that caters to the needs of millions of Indians. The company’s mission is to leverage technology to simplify financial transactions and make digital payments rewarding and accessible to all segments of society.