India-based Airpay raised new venture capital for its combination of C2B and B2B payment solutions.
Reports Tuesday (March 21) said Airpay raised $3.6 million in Series A funding led by Kalaari Capital. Existing backers Rakesh and Rajesh Jhunjhunwala also participated. Airpay said it will use the funds to continue building out its technology and focus on sales, distribution and support infrastructure.
Airpay supports both consumer-to-business and business-to-business payments for medium and large enterprises looking to accept payments from their consumer customers and make payments to suppliers. The company offers an omnichannel platform and software-as-a-service solutions for its corporate clients to support payment sending and receipt.
The company supports payments via web, mobile, call center, voice response software, text and email and in person, reports said.
India has seen renewed interest in B2B payments lately from both domestic and foreign players.
Earlier this year American Express launched a B2B payments platform in the country. Dubbed the Buyer Initiated Payment platform, the solution promotes the use of cards in supplier payments following demonetization and enables buyers to extend their payment terms without paying suppliers late.
PayPal has also introduced a B2B payments solution in the country. Last August the firm rolled out PayPal.Me, a peer-to-peer payments solution targeting corporate buyers and suppliers and supporting cross-border transactions.