Minkspay raises funding from Mumbai Angels Network
Minkspay, a payment solutions company for rural markets raises funding from Mumbai Angels Network (MA Network), India’s premier platform for venture investing.
Headquartered in Goa, Minkspay was founded in 2017, by Sanket Shendure and Sanmati Shendure. MinksPay is focused on solving problems of small retail stores based out of rural areas by providing them seamless payment acceptance solution and financial inclusion services.
This is the first investment in a Goa based start-up by Mumbai Angels Network.
Commenting on the fund raise, Founder & CEO Sanket Shendure said, “We are proud that MA Network has partnered with us and supports our vision to be India’s leading payment solutions company focused on the retail market. We look forward to working closely with Mumbai Angels Network to grow Minkspay as a front runner fintech and payments solutions company in the next few years.”
Mumbai Angels is the first external investor in the company. 10 of the network’s investors have participated in this round from across chapters. The investment is led by Vishal Chiripal, Director, Tripoli Management Pvt.Ltd. “ I am backing Minkspay both because of its scalable business model and its strong founding team. I see the rural payment services targeting consumers from Bharat as a key growth area and are looking forward to working closely with the Minkspay team to grow their business” said Vishal.
“Our investment in Minkspay backs our philosophy in supporting innovation in the fintech and the payments solutions space. We see a lot of interest in this sector both from the next round financial investor and larger corporates in the banking and financial services space. With our investment in Minkspay we have also opened our account of investing in Goa based start-ups and expect many more companies to get funded from the state. ” said MA Network CEO & MD, Nandini Mansinghka.
About Mumbai Angels Network:
Started in 2006, Mumbai Angels Network (MA Network) is India’s premier platform focused on new venture investing. The network is today 400+ members strong, across 7 chapters (Mumbai, Delhi, Bangalore, Kolkata, Hyderabad, Goa and Pune). It has a 130+ strong portfolio with 30+ exits and has invested 150+ crores.
Minkspay is a digital platform which empowers offline rural retail stores with seamless payment acceptance and cross sell multiple digital & financial services to their nearby customers.
Our mission is to onboard more than a million stores from rural areas on this platform and convert them into Micro Banking (Aadhaar Banking) outlets for distribution of banking and financial services to unbanked and unreached Indians.
We are a team of 15 people passionate about building financial inclusion products for Bharat.