Tuesday, June 25, 2024
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Bessemer Venture Partners

The key contributors to the growth will include instant payments through a Unified Payments Interface (UPI)

The start-up extended its operations in multiple countries like Vietnam, the Philippines, Indonesia and the US by setting up subsidiaries

As of the December quarter, Bessemer had owned a 7.75 per cent stake in the company, shareholding data with the bourse showed

The company will leverage its recent Series B funding of $60million to foray into Indonesia, Philippines and Vietnam

Entropik will utilise the newly-generated fund to diversify its product portfolio

The layoffs have come as a one-time restructuring exercise to eliminate any redundancy in roles and responsibilities and have impacted employees across departments like tech, product, sales, and operations

The company is looking at building a business model that will reach an annual recurring revenue (ARR) of $100 million over the next three years

The payment-focused start-up is backed by Bessemer Venture Partners, USA, FMO, Netherlands, Catamaran Ventures, Panthera Growth Partners, Singapore and Alumni Ventures