plutos ONE Secures $2 Million Seed Funding Led by StartupXseed

August 2024: plutos ONE, India’s youngest, Licensed and Empaneled BBPS (Bharat Bill Payment) TSP, founded by Rohit Mahajan and Rajjat Gulati to help banks deliver Digital Transactions to their customers more efficiently has raised $2 million in a seed round.

The round was led by StartupXseed, a leading Bangalore-based VC. The round also saw participation from Genesia Ventures – a Tokyo-based VC firm, Auxano Capital, Raghuvanshi Investments and other investors.

The company intends to use the funds raised in this round for onboarding Banks as Biller Operating Units and Biller Operating Units as well as Agent Institutions on the BBPS Network.

Rajjat Gulati, Co-Founder & CEO of plutos ONE, said, “plutos ONE is committed to taking the Digital Public Infrastructure being developed by NPCI and its subsidiaries to every last Indian. As licensed and empaneled Technical Service Providers to the Bharat Bill Payments System, we are uniquely positioned to help Banks connect their Business and Individual Customers to Digital Bill Payments. Our latest round is a huge boost to our plans to build the Payments Infrastructure for the next 200 million Indians.”

Speaking on the occasion, Ravi Thakur, Co-Founding Partner at StartupXseed Ventures, said, “We believe that plutos ONE offers a completely new paradigm for building out the Digital Payments Ecosystem in India. The team has a stellar record of delivering Digital Solutions for Banks at scale. We are delighted to partner with them to help scale their business and empower more Indian Banks to serve their customers better.”

plutos ONE had previously raised an Angel Round from leading investors like Aakash Chaudhry – Co-Founder of Aakash Educational Services Ltd., Prabhjeet Singh – President of Uber India & South Asia, Neeraj Mohan – MD & CEO of IARC and ex-MD & Operating Partner of Blackstone India, Gautam Kamath – Group CFO of P&G India, Ravi Gosain – MD of Erco Travels, Harish Chandra – President of Indian Achievers Forum, Chanakya VC, Sarcha Advisors and others. StartupXseed and Raghuvanshi Investments had also previously invested in plutos ONE.

BBPS is a Digital Bill Payments Platform operated by NBBL, a wholly owned subsidiary of NPCI. BBPS allows users to pay their bills for any Biller on the platform. Currently, there are 22,000 Billers across 30 Categories live on the platform. Categories include Utilities like Electricity, Water, Piped Gas, and Gas Cylinders as well as Loan Repayments, Credit Card Bills, Rent Payments, Education Fees, Donations to Charitable Institutions, Metro Card Recharges, FASTag, and many more.

Plutos ONE is a 2-year-old startup that is a Technical Service Provider (TSP) for the Bharat Bill Payments System (BBPS) and is licensed and empaneled by NPCI Bharat BillPay Limited (NBBL). plutos ONE also owns and operates India’s largest merchant-funded offers aggregation platform, which runs card activation solutions for various credit and debit card issuers. Their clients include NPCI, Visa, Punjab National Bank, Kotak Mahindra Bank, IDFC First Bank, Yes Bank, BHIM UPI, BobCards, UCO Bank, Bank of Maharashtra, IDBI Bank, and Loyalty Rewards.