Hyderabad-based fintech startup Payinstacard has announced securing an undisclosed amount in seed funding from a group of angel investors. This new capital injection is set to propel the startup’s plans to expand its customer base and innovate within the rapidly growing digital payments market in India.
The recent funding round includes investments from notable figures such as PC Doraswamy, partner at Brandix India, and Sandhya Rani Maddipati, a former banker turned industrialist. Their involvement is expected to bring valuable expertise and insight to Payinstacard, supporting its strategic development and operational expansion.
In a press release, founders Sai Krishna Musunuru and Sri Nagesh Kotipalli expressed their optimism about the potential for digital payment solutions in India. They highlighted industry forecasts suggesting that the number of active payment users in India is poised to double to 700 million by 2030. The founders are eager to tap into this potential by offering innovative, user-friendly payment solutions through the Payinstacard app.
The company’s strategic focus will be on deploying the freshly secured funds to enhance its technological capabilities and user interface. This is in line with its commitment to improving customer engagement and satisfaction, which are crucial for retention and growth in the fintech sector. Additionally, Payinstacard plans to explore new partnerships and collaborations within the industry to extend its market reach and service offerings.
This funding round not only reflects the confidence investors have in Payinstacard’s vision and business model but also marks an important milestone for the company as it aims to position itself at the forefront of the fintech revolution in India. As the startup moves forward with its expansion plans, it continues to set the stage for a new era of digital payment solutions that cater to the evolving needs of millions of users across the country.
