1Pay Latest Startup News
The Indian logistics sector is powering forward, projected to be worth a hugely impressive $380 billion by 2025. Part of that growth can be attributed to the rollout of FASTags - Radio Frequency Identification (RFID) technology made available for vehicle owners, which makes toll payments direct and hassle-free.
But Mumbai fintech start-up 1Pay is harnessing this technology for much more than just payments at tolls; they plan to use it to provide services tailored directly to fleet owners, such as assistance with parking payments, fuel bills and challan bills. This digitized process maximizes ease of use and helps transport operators quickly manage their payments.
At present, 500,000 commercial vehicles have already been activated on the platform, but 1Pay is confident that this number will increase to two million in a couple of years as more transport operators come on board. In 2021, revenue for 1Pay was expected to hit somewhere in the region of $15 - $20 million, and Sanjiv Singh, one of the start-up’s co-founders, said recently that last year they had achieved revenues of Rs 28 crore and now looking to reach between Rs 38-39 crore in the current fiscal year.
1Pay has so far been solely funded by its own funds but hopes to raise additional external investments within the next 2-3 months time frame. As well as an additional investment, they plan on expanding their service even further by employing salespeople across India so that they have an increased presence and more touch points.
It isn’t just startups investing in the fast-developing logistics sector, though; many larger companies are also packing their bags and hopping aboard the bus headed for success in this field, which has had a positive knock-on effect for those involved in fintech too - a field 1Pay wishes to make major strides in over 2021.
Fintech is here to stay and is providing financial solutions not only within India but also abroad. Fastags are certainly helping bridge the gap between certain sectors within India exponentially.
Also Read: Log9 Materials Raises $11 Million in Latest Funding Round
About Entrackr
Entrackr is a new-age media platform for entrepreneurs, startups and technology enthusiasts. It provides comprehensive coverage and analysis of the latest developments in tech startups across India, Southeast Asia and beyond.
Entrackr offers unique stories that go beyond the normal everyday news, taking an in-depth look at the various trends in startup ecosystems. It publishes exclusive news features, interviews and stories on founders, investors, accelerators, products and more. Entrackr aggregates data-driven content to provide insights relevant to young entrepreneurs who are driving the growth of India's startup sector.
No comments:
Post a Comment