Indian mobile payments startup raises $1.2m seed round

Indian mobile payment startup Momoe has raised $1.2 million in seed funding from IDG Ventures India and Jungle Ventures.

India Quotient also took part in the round.

Momoe’s app differs from digital wallets PayTM and Mobikwik, allowing users to upload their credit card details to make payments using their mobile. In restaurants, for example, the app also allows diners to split and pay their own bill without assistance from staff.

The company takes a cut from merchants for each transaction, which the company says is similar to what is already charged by other providers.

The funds will be used to expand the company’s team ahead of plans to get 500 merchant outlets on board in the next few months. CEO Utkarsh Biradar expects the company to handle Rs 3,000 crore worth of transactions in the next 18 months, The Times of India reported.

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