Telr, online payment gateway service provider has raised ₹20 crores ($3 million) in series B round from Investment East. The funding will be utilised to build more features in the core product along with integrating more payment options. A part of the funding will also be utilised in focusing on revamping operations in emerging markets including India. Telr currently operated in India, United Arab Emirates and Saudi Arabia.
Telr also plans to deploy funds in helping SMEs to integrate online payment solutions. This will target the SMEs with a larger offline base who have not registered for online payments. According to Telr, the company will help SMEs in getting started with online collection of payments. It also plans to help the SMEs in building their web store and enabling them completely to start selling online.
Founded by Sirish Kumar and Elias Ghanem, Telr is headquartered in Singapore and it provides unique APIs, using which, sellers can start accepting instant payments on web, mobile and social media.
Telr provides multi lingual and multi-currency support to its customers situated in various demographics. It enables customers to pay in their language and currency, regardless of the currency accepted by the store.
Speaking on the development, Sirish Kumar, CEO – Telr added that the infused funds will help the company in deepening the offerings in markets like India, KSA and UAE. At the same time, it can explore other markets and experiment around the payment methods.
Telr currently does transaction worth $500 Million a year and plans to touch $1 billion mark by the end of 2017.