Xpresslane, the Bengaluru-based tech startup with a focus on online checkout transactions, has raised Rs 3 crore in pre-seed round of funding from Point One Capital, Yatra Angel Network (YAN), Opus Consulting, and Manipal Technologies.
The round also saw participation from angel investors including Rohit Chanana, Managing Partner, Sarcha Advisors; and WOW Skin Science founders — Karan Chowdhary and Manish Chowdhary.
Xpresslane plans to use this round of funding to grow its merchant network as well as for hiring fresh talent.
Xpresslane Founder and CEO Ashwin Koorakula said, “There is a phenomenal growth in the D2C space with amazing new brands changing the consumer economy in India. We are enabling these new-age, internet-first companies to gain technological edge over larger and mature ecommerce players. With transaction times less than five seconds, Xpresslane checkout will be the only login one needs to finish their purchases anywhere online.”
Xpresslane is engaged with close to 100 ecommerce websites to provide a better checkout experience, and has a target of reaching 1,000 online marketplaces by the end of this year.
The startup believes the ongoing COVID-19 pandemic has led to more people transacting online but the checkout experience during shopping has been sub-optimal.
“Xpresslane is solving checkout issues for D2C brands, where a customer could checkout with 1-Click and 1-Login across all online stores, in under three seconds and the team has achieved interesting numbers in a short span,” said Pankaj Singh, Partner at YAN.
Xpresslane claims that their technology platform can improve checkout conversions by more than 40 percent.
According to a recent report by Bain & Company and Flipkart, the India ecommerce or e-tail market grew by 25 percent during FY2020-21 to touch $38 billion in size. This growth is despite the COVID-19 related lockdowns, and even as the overall retail market shrunk by 5 percent.