In a seed round headed by StartupXseed, Plutos ONE, a technical service provider (TSP) for the Bharat Bill Payments System (BBPS), raised $2 million. Auxano Capital, Raghuvanshi Investments, Genesia Ventures, and other investors also participated in the round.
The Delhi-based platform had previously raised an angel round from its current investors as well as those from Chanakya VC, Sarcha Advisors, Aakash Chaudhry, Prabhjeet Singh, Neeraj Mohan, Gautam Kamath, Ravi Gosain, and Harish Chandra.
According to a press release from Plutos ONE, the new funding will be utilized for agent institutions, biller operating units, and bank onboarding on the BBPS network.
Rohit Mahajan and Rajjat Gulati co-founded Plutos ONE in 2021. NPCI Bharat BillPay Limited (NBBL) is the licensee and endorser of Plutos ONE. It runs card activation services for different credit and debit card issuers on a merchant-funded aggregation platform that it owns and runs.
NPCI, Visa, Punjab National Bank, IDFC First Bank, Yes Bank, BHIM UPI, BobCards, UCO Bank, Bank of Maharashtra, IDBI Bank, and Loyalty Rewardz are a few of its clients.
