Plutos ONE Secures $2 Million in Seed Funding to Expand Bharat Bill Payments System
Plutos ONE, a technical service provider (TSP) for the Bharat Bill Payments System (BBPS), has secured a significant investment of $2 million in a seed round led by StartupXseed. The round also saw participation from prominent investors Genesia Ventures, Auxano Capital, Raghuvanshi Investments, and others.
This latest funding round comes after Plutos ONE’s previous angel round, which was backed by its existing investors and notable angels such as Aakash Chaudhry, Prabhjeet Singh, Neeraj Mohan, Gautam Kamath, Ravi Gosain, Harish Chandra, Chanakya VC, Sarcha Advisors, and others.
The fresh influx of funds will be directed towards onboarding banks as biller operating units and agent institutions on the BBPS network. Founded in 2021 by Rohit Mahajan and Rajjat Gulati, Plutos ONE is licensed and empaneled by NPCI Bharat BillPay Limited (NBBL), enabling it to provide a merchant-funded aggregation platform for various credit and debit card issuers.
Plutos ONE’s client portfolio boasts names like NPCI, Visa, Punjab National Bank, Kotak Mahindra Bank, IDFC First Bank, Yes Bank, BHIM UPI, BobCards, UCO Bank, Bank of Maharashtra, IDBI Bank, and Loylty Rewardz.
With this investment, Plutos ONE is poised to expand its footprint further in the Bharat Bill Payments System, solidifying its position as a leading technical service provider in the industry.
