Ease of Doing Business for MSMEs: Buy now pay later app Simpl on Thursday announced its plans to onboard about 10,000 enterprises and direct-to-customer (D2C) merchants from the Delhi-NCR region on its network over the next three-four years. Simpl has about 26,000 merchants currently including Libas, Healthkart, Boult Audio, Gizmore, Urban Pitara and more from the city.
“Leveraging our state-of-the-art Checkout Network and pioneering 1-tap payment solution, our aim is to enhance conversions and minimise cash-on-delivery for D2C merchants, delivering a seamless experience to millions of valued customers,” said Nitya Sharma, Founder and CEO, of Simpl in a statement. Buy now, pay later (BPNL) is a financing instrument that enables customers to make purchases and pay for them over time without incurring any additional fees or interest. In comparison to credit cards and short-term personal loans, they are more readily accepted. Additionally, BPNL does not affect credit scores until someone fails to make payments.
“By offering cutting-edge technological solutions, we aim to empower small businesses to thrive and succeed, and shape the future of e-commerce in Delhi and beyond,” he added.
Launched in 2015, Simpl offers a cardless payment network with multiple solutions for merchants and consumers like 1-tap payments and buy now pay later. Twenty institutional investors have invested in the company, including Green Visor Capital, IA Ventures, and Valar Ventures. While Haresh Chawla and 17 other individuals are angel investors in Simpl, Green Visor Capital is the company’s largest institutional investor.
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Kredivo, Mondu, ZestMoney, KreditBee and MoneyView are the closest competitors of Simpl in India. At present, the BNPL industry in India is expected to grow at a CAGR of 12.2 per cent from 2023-28 from $11,628.8 million in 2022 to $25,387.2 million by 2028, as per the India Buy Now Pay Later Business Report 2023, published by ResearchAndMarkets.com.