Sri Capital picks up stake in NumberMall
THE HANS INDIA |
Jan 08,2015 , 04:39 AM IST
Hyderabad: Venture capital firm Sri Capital has picked up a minority stake in NumberMall, a unique merchant-managed platform and a single gateway for all payments With this, SashiReddi, founder and Managing Partner of Sri Capital, has joined the board of directors of NumberMall Pvt Ltd. However, the transaction details and the terms of the deal were not revealed. "SashiReddi's knowledge and experience would add enormous value to NumberMall, as he joins the company's board of directors. This also enables NumberMallto scale up exponentially,” said Kiran Gali, Founder and CEO, NumerMall. NumberMall, which has a merchant network of over 13,000 across South India, is planning to increase its footprint and eventually proposes to set up pan-India operations very soon. The target is to support 100,000 merchants within the next 18 months. Kiran Gali further said that his startup was contemplating raising Series A funding of $10 million next year for its expansion across all geographies within India. In the past, he rejected a buyout offer by MoneyOnMobile which valued the NumberMall at Rs 120 crore.