Mobile van-based bill payment startup Xpay Life Pvt Ltd is looking to raise funds for expansion.

“COVID-19 disrupted our lives altogether. Our business witnessed a surge, and we successfully initiated our application business during the lockdown. In less than a year, we have grown from zero to 1 million-plus

customer base and have completed over 3 million transactions in the past 8-9 months, crossing a value of over 50 crores. Offering a platform enabling cash-based along with easy and quick digital payments is what differentiates us from the other players,” Rohit Kumar, CEO and Founder, Xpay Life Pvt. Ltd said in a statement.

He said the pandemic initiated the cashless era in India. While the urban areas have already inculcated digital methods for making payments, the rural areas are still in digital adoption.

Seeking this as an opportunity, Xpay works to empower the rural people digitally. It provides a one-stop solution to ensure that the multi-utility bill payment becomes easy and simple by using a combination of mobile vans, Point of Sale devices, and cash Acceptors, the statement said.

Started in 2019 by Rohit Kumar, Xpay’s patented Mobile van Solution comes fitted with an interactive touch screen kiosk and ATM and helps facilitate doorstep banking and payments for rural and regional banks. Using a blockchain-based transaction framework and following the AMBIC model offers various options for bill payments.

Rohit Kumar has self-funded this start-up and has so far invested more than a million dollars. However, the firm is now seeking investment to expand and grow. Presently, Xpay clocks revenue of Rs 75 crore annually, and around 3 lakh consumers pay their bills via XPay Life on an average monthly basis.

The venture has deployed kiosks in 12 cities, including Delhi, Pune and Patna. XPay Life aims to set up 1,000 payment kiosks by the end of 2021 and 1 lakh touch screen kiosks, PoS, along with mobile ATP vans in the next three years.

comment COMMENT NOW