Fintech startup Perpule raises $650,000 of seed funding from Kstart Capital which is a Kalaari Capital initiative. The funding round was also participated by Venture Highway and G Raghunandan, co-founder of TaxiForSure. The startup will use their freshly raised funds in product development, to hire new talent and to spread their operation across the country.

The Bangalore-based startup was founded in September 2016 by Former Goldman Sach Executives Abhinav Pathak, Yogesh Ghaturle and Saketh BSV. Perpule provides a self-checkout, queue management, omni-channel engagement and payment platform for offline stores.

When asked about the startup Abhinav Pathak, CEO Perpule said: “Our vision is to ensure waiting in queues is a thing of the past. With improved systems, we are saving customer’s time, ensuring no one ever stands in queues and thus improving the overall experience. We have started by enabling self-checkouts via our mobile app at various retail stores such as HyperCITY and are grateful to them for their support and really appreciate their commitment to customer experience. We are honoured to be supported by Kstart and really happy to see them appreciate and share our vision.”

Perpule is currently operational in cities like Bangalore, Mumbai and Noida. The 1Pay service from the startup enables self-checkouts and queue management solutions for offline stores. Customers can use the app to discover stores and the available offers running. This ensures a good connect between the retail stores and its customers and elevate the customer’s experience.

Kstart is an early-stage seed program from Kalaari Capital. They help entrepreneurs and their startups with disruptive ideas build next-gen companies.

Commenting on the investment Vani Kola, MD, Kalaari Capital says: “We are excited to support young entrepreneurs building innovative solutions like Perpule at Kstart. I am glad that we have been able to attract such visionary founders. Kstart remains committed to supporting disruptive ideas.”

Fintech startups have brought lots of funding to India. The country has more than 19,000 technology-enabled startups, which are led by consumer Internet and financial services startups. According to a startup data aggregator, Tracxn – Total funding for Indian venture capital-backed companies topped $12 billion (Rs 82,500 crore) across more than 1,220 deals in the past two years, with $7.3 billion invested in over 880 deals in 2015 alone.

Source: INDIAN CEO