With its 1-click payment checkout solution, Nimbbl, an Indian startup, hopes to increase conversion rates for retailers. The company announced Tuesday that it had raised $3.5 million in seed and pre-Series A rounds from Sequoia Capital India, Global Founders Capital (GFC), financial services platform Groww, and a number of angel investors.
The Mumbai-based firm provides a 1-click checkout solution with a variety of Buy Now Pay Later (BNPL) choices and the Unified Payment Interface, which is supported by the Indian government (UPI). Instead of populating every possible solution, Nimbbl personalises the experience for clients by displaying payment options that are relevant to them.
Anurag Pandey and Amit Bansal, former executives at Citrus Pay and PayU, established Nimbbl in October 2020. After leaving Citrus Pay and PayU, the pair stumbled upon the concept while working at the Indian fintech startup Safexpay, Pandey told TechCrunch in an interview.
According to Pandey, “We thought that this issue needed to be addressed from start, and we needed to compress thinking on how to approach it.”
According to him, personalising the checkout process for customers increases the payment initiation rate on Nimbbl by roughly 40%, translating to a 6-8% boost in revenue for retailers.
Undoubtedly, a number of payment aggregators provide their own unique checkout processes that retailers can use. Nevertheless, he noted, such frequently do not resolve the issue of payment initiation and do not lessen the difficulty clients experience in selecting the appropriate payment instruments. In other circumstances, aggregators’ checkout systems only offer a small selection of payment choices, rather as more recent ones like UPI and BNPL that tech-savvy clients frequently look for when finishing their transactions.
Similar to this, e-commerce companies like Shopify offer their 1-click checkout solutions in countries like the U.S., but their consumers in India cannot use those services.
A website, mobile app, or e-commerce platform like Woo Commerce, Magento, or Shopify can all use Nimbbl’s solution.
Nimbbl has attracted over 4,000 merchants to adopt their checkout system since its debut. Its clientele include the cruise liner Cordelia Cruises, the Indian airline Go First, and the producer of audio equipment Skullcandy.
With 20,000 merchants, Nimbbl has so far produced between $240 million and $1.2 billion in total payment volume for the fiscal years 2022–2023 and 2023–2024. A 37-person team from the startup is dispersed throughout Mumbai, New Delhi, and Bengaluru.
