These BNPL startups are changing the way India shops by transforming the payments landscape


More and more people – Millennials and GenZ, in particular – are choosing to buy now, pay later.

According to Statista, the Buy Now Pay Later (BNPL) sector raised over $525 million in India in 2021.

ResearchAndMarkets claims that the BNPL payment industry in Asia-Pacific is is expected to reach $133,696.8 million in 2022 and grow at a CAGR of 33.3% between 2022 and 2028. It has seen strong growth over the past four quarters, supported by “increased e-commerce penetration as well as the impact of the economic downturn due to the disruptions caused by the COVID-19 pandemic.”

The gross value of goods is expected to increase from $82,806.9 million in 2021 to $749,229.9 million by 2028.

The trend of online shopping has boosted the demand for easy loans and pushed more players to enter the BNPL market. Here are some startups tapping into the growing demand:


Uday Somayajula, co-founder of ePayLater

Founded by Akshat Saxena, Aurko Bhattacharya, and Uday Somayajula in 2015, based in Mumbai ePayLater offers an innovative solution that harnesses the power of data to alleviate the challenges facing the e-commerce industry.

Startup BNPL offers online shoppers instant credit that gives them the added flexibility to better manage their spending. It is designed to help merchants deliver a seamless checkout experience by reducing checkout hassles and increasing success rates.

“At ePayLater, we are driven by the vision of making credit accessible to as many retailers and small businesses as possible,” says Aurko.

In September 2021, ePayLater raised $10 million from Blue Ashva Capital, Responsibility, Pravega Ventures and others to reach more retailers and customers across all locations, and improve the offering to become a one-stop solution for all the financing needs of small businesses such as as traders, wholesalers and



Founded in 2015 by Yezdi Lashkari and Mumbai-based Priyankar Srinivas Flexmoney allows users to avail minimal loans on e-commerce platforms. It offers small and fast digital lines of credit to power e-commerce and other online purchases, enabling the purchase of products on an easy monthly installment without a credit card. Instant digital IME is offered without the hassle of documentation or down payment.

“Flexmoney’s goal is to capture the huge opportunity in the digital credit market. Our vision is to democratize consumer credit by giving lenders the ability to offer segments of “starter credit” products and services that are not otherwise viable through legacy offerings such as credit cards or personal loans,” Yezdi said.

In June 2021, the startup raised $4.8 million in a Series A funding round from Pravega Ventures and others to expand its credit network footprint to many more merchants and lenders, as well as to launch additional products and solidify its leadership position in digital credit and BNPL infrastructure. in India.


Founded by Nitya and Chaitra Chidanand in 2016, fintech start-up based in Bengaluru Simple allows users to buy small items on loan and pay back later when they can.

It is an online payment instrument that allows a consumer to buy now and pay for the purchase at a more convenient time. The startup aims to provide seamless and simple financial services to anyone with a smartphone in one click, in real time.

“The basic principle of Simpl is that it doesn’t matter whether you are a large or a small retailer; you need to have access to technology and products that enhance your consumer’s user experience and be able to play on equal footing with big platforms,” says Nitya.

In December 2021, Simpl raised $40 million in a Series B round led by IA Ventures and Valar Ventures to hire talent, including engineers, and fuel the launch of new products and features.


Founded in 2016 by Lizzie Chapman, Priya Sharma, and Ashish Anantharaman, based in Bengaluru ZestMoney is an AI-based EMI and BNPL funding platform.

The startup is deeply integrated with major merchants such as Amazon, MakeMyTrip, and Flipkart, which increases the affordability of their products and helps them facilitate frictionless sales at a higher conversion rate for a larger customer base. .

“We have a huge under-penetration challenge for a bunch of products – from insurance to wealth management. But the problem we’re trying to solve is consumer credit. We thought the best way to achieve this was to create products in partnership with retailers, manufacturers and the entire digital ecosystem,” says Lizzie.

In September 2021, ZestMoney raised $50 million in a Series C investment from Zip Co to expand its product line, deepen the transaction network, strengthen its balance sheet capacity and launch a new line of business in insurance and savings.


Mintifi, headquartered in Mumbai, was founded by Anup Agarwal, Ankit Mehta and Sanjoy Shome in 2017, based in Mumbai mintifi digitalizes payments, invoicing and purchase financing solutions for their distributors and retailers.

The startup claims to work closely with more than 100 top brands across India, including Bridgestone Tyres, NIVEA, Tata Motors, Polycab, Berger Paints and Jockey.

“Today, across industries, brands are using our platform to increase efficiency and accelerate the growth of their supply chain network, and we will continue to help SMBs grow their businesses. More importantly, we are proud to drive these innovations, while ensuring profitability.We are delighted to welcome Norwest Venture Partners and Elevation Capital as we prepare for our next phase of growth.

In February 2022, Mintifi raised $40 million led by Norwest Venture Partners and Elevation Capital. It aims to use the new funds to continue to develop its technology infrastructure and expand its product offerings.

Edited by Teja Lele Desai

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