Bangalore-based PaisaWapas.com, a deal discovery and cashback platform has raised an undisclosed amount of angel funding from Vividhity Ventures, a group of IIT BHU & Mumbai alumni and top executives from Infosys & Dell, reported ET.
Founded in 2015 by Shankar Kotuli and Ashish Kumar, PaisaWapas is a platform for college students to discover products, courses, success stories, deals & save extra money on their online transactions. The startup offers exclusive deals and extra cashback to students when they shop on its over 300 partner stores. PaisaWapas gets around 200K monthly traffic on its website and has around 70K registered users.
Speaking on the development, Shankar Kotuli, CEO of Paisawapas said, “This is the first round of external funding that the venture has raised. Paisawapas aggregates deals from other ecommerce platforms that are relevant for students and offers cashbacks and discounts on these.” He further added, “We have been profitable so far, but now as we expand that might take a hit. We’ve been bootstrapped so far and the funds have secured us a runway for one year.”
The raised capital will be utilised team expansion as well as expanding college network to over 200 colleges, marketing & partnering with various players working on education space.
The startup is currently working with a team of 50 student partners in around 30 colleges from different part of India. Some of the top colleges it is working with include IIT Roorkee, IIT Kharagpur, IIT Delhi, Manipal University, VIT, LPU, Amity, NIT Jalandhar, NIT Jamshedpur etc.