Plutos ONE, a Delhi-based technical service provider (TSP) for the Bharat Bill Payments System (BBPS), has successfully raised $2 million in a seed funding round led by StartupXseed. The funding round also saw participation from Genesia Ventures, Auxano Capital, Raghuvanshi Investments, and other notable investors.
This seed round follows a previous angel investment round, which included backing from prominent investors such as Aakash Chaudhry, Prabhjeet Singh, Neeraj Mohan, Gautam Kamath, Ravi Gosain, Harish Chandra, Chanakya VC, Sarcha Advisors, among others.
Plutos ONE plans to utilize the newly raised capital to onboard more banks as biller operating units and agent institutions on the BBPS network. This strategic move is aimed at expanding the platform’s reach and enhancing its services within the BBPS ecosystem.
Founded in 2021 by Rohit Mahajan and Rajjat Gulati, Plutos ONE is licensed and empanelled by NPCI Bharat BillPay Limited (NBBL). The company operates a merchant-funded aggregation platform that offers card activation solutions for a range of credit and debit card issuers.
The company has already established a strong client base, including 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.
