Plural, which has been in stealth mode since last year, will target partnerships with large digital merchants, financial institutions as well as payments pooled by various government offices – a segment of India’s crowded yet growing digital payments market. To take over the share, the Chief Executive Officer Amrish Rau told ET via video call.
“Through Plural we will be able to provide merchants with a solution that has integrated all types of payment solutions in the market. We partner with over 250 merchant partners including Croma, Cred and Reliance Digital, with over 150-200 monthly transactions. Millions of dollars were running on stealth mode processing payments,” Rau said.
Former PayPal executive Tanya Naik is leading Plural as Pine Labs’ head of online and omnichannel business. Plural will have three different offerings, namely Plural Gateway, Plural Checkout, and Plural Console.
Plural Gateway is a customizable payment gateway that allows payment acceptance in a variety of ways, including Buy Later (BNPL). Plural Checkout is a mobile software development kit (SDK) intended to boost payment gateway performance for Android and iOS users and Plural Console is a payment orchestration. Forum (POP) which provides a single technical framework for triggering transactions through multiple payment gateways, the firm said.
The development comes at a time when India’s online gateway space is heating up through foreign investment as well as big-ticket acquisitions. India’s two largest payment gateways
BillDesk and PayU decide on merger deal PayU’s parent Prosus has acquired digital payments processor BillDesk in an all-cash deal worth $4.7 billion.
On the other hand, new-age startup Razorpay is also cementing its position among small businesses going online, while Paytm and CCAvenue have also seen tailwinds in this category as many businesses have gone online due to the coronavirus pandemic.
ET reported last month that
The firm did a US IPO. Wall Street bankers – Morgan Stanley and Goldman Sachs – have been appointed to Next year where it plans to raise about $ 6 billion. the company was
Valued at $3.5 billion after raising approximately $600 million Earlier this year in two phases.
Pine Labs specializes in developing software and deployment solutions for Point of Sale (POS) devices for storefronts. The startup is diversifying its offerings with enterprise solutions such as Buy Now Pay Later (BNPL) integration, invoice management, payment gateway as well as prepaid card issuance on its newly developed software platform.
The Noida-based firm, the third most valuable fintech in India after Paytm and PhonePe, is focusing on four to five areas of growth in FY22 before going public. These include digital QR, merchant commerce, online payments, as well as consumer payments through its newly acquired platform Fave.