Bangalore: Kolkata based Payments Startup Changer Mints raises Rs.1 Crore from Hyderabad based investor Gagan Reddy, a supporter of real estate developer Pragna Group. The firm will utilize the fund to expand its operations to change problems in daily transactions.
Founded by Mahesh Bhupathi Pardhasarthy, Changer Mints plans to comprehend the change issue through a short-range wireless technology called Near Field Communication (NFC) Technology. Using the company’s NFC card, the users can pay or collect the residual change.
As an ongoing process, the company will soon start talking to banks in order to credit the amount directly to a person’s bank account. On the other side, Company’s offering is similar to Apple Pay which is presently not accessible in India. However, the payment startup will confront competition from the existing mobile wallet firms like Paytm, Oxigen, Citrus, Mobikwik and many more. The four year old startup is among the top seven start-ups selected by Nasscom 10,000 Startups Kolkata Warehouse.