In a secondary deal, shares are sold by older investors and the money does not get infused into the company.
This is the first major venture round for the payments firm, which last raised equity funding of Rs 34 crore ($4 million) in 2021.
Speaking with ET, Rohit Prasad, managing director, Easebuzz, said that existing investors 8i Ventures and Varanium Capital also participated in the round. Dexter Capital acted as an advisor to Easebuzz to facilitate this funding.
“We have a target to go for an IPO in the next two to three years, since we are profitable already, we did not want to dilute much but also wanted a global venture fund on our capitalisation table,” Prasad said.
The company closed FY25 with a net profit of Rs 22 crore and gross revenue of Rs 650 crore. A significant part of the gross revenue is paid to banks for settling digital transactions.
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Also Read: How digital payments company Easebuzz quietly broke into the big leagueEasebuzz already has a payment aggregator licence from the Reserve Bank of India and is now looking to apply for a payment aggregator-cross border licence, which will help it tap into the cross-border payments opportunity.
“We will invest the freshly raised funds in brand building, attract senior level talent to build a stronger team and also double down on the large sectors where we operate,” Prasad said.
The four core areas where Easebuzz operates are banking and financial services, government payments, real estate and education. Unlike other payment-focused startups in this space, Easebuzz has a software play as well, which they use to onboard customers and offer payments on top of it. The company works with 10,800 educational institutions currently.
“We are investing in building offline payment capabilities for our clients, currently offline payments is only 10% of our overall revenue, we want this to grow over the next one to two years,” Prasad added.
Easebuzz is processing around $3 billion of monthly transactions and the aim is to double it by the end of the current fiscal year.
Prasad said that he has no intention to apply for a non-banking finance company licence but armed with the PA licence from the RBI, he wants to expand operations outside India to Southeast Asia and the Middle East.
