SUMMARY
- Plutos ONE raised $2 million in seed funding led by StartupXseed, with additional participation from other investors.
- The funds will support the expansion of the BBPS network by onboarding new banks and agent institutions.
- Plutos ONE, co-founded in 2021, operates a merchant-funded aggregation platform and serves major clients like NPCI and Visa.
Plutos ONE, a technical service provider for the Bharat Bill Payments System (BBPS), has raised $2 million in a seed funding round led by StartupXseed. The round also saw participation from Genesia Ventures, Auxano Capital, Raghuvanshi Investments, and other investors.
The Delhi-based startup, co-founded by Rohit Mahajan and Rajjat Gulati in 2021, had previously raised funds in an angel round from various investors including Aakash Chaudhry, Prabhjeet Singh, Neeraj Mohan, and others.
The newly secured funds will be used to onboard banks as biller operating units and expand the BBPS network by integrating additional agent institutions. Plutos ONE, licensed and empaneled by NPCI Bharat BillPay Limited (NBBL), operates a merchant-funded aggregation platform that offers card activation solutions for credit and debit card issuers.
Key clients of Plutos ONE include 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.
