FinTech SaaS startup inai has raised around $4 million in a seed round led by Berlin-based Paua Ventures and 9Unicorns, India’s leading early-stage accelerator VC fund. Uncommon Capital, Soma Capital, Anarko ventures, Better Capital, and Gemba Capital along with angel investors –Sriram Krishnan, Lenny Rachitsky, Matt Robinson (Founder GoCardless, Nested), Louis Beryl ( Rocketplace, Earnest) , Charlie Delingpole ( Founder Comply Advantage), Naren Shaam ( Founder Omio) and Kunal Shah (Founder CRED) also participated in the round.
Founded by serial entrepreneurs Anantharaman Pattabiraman and Karthik Narayanan in May this year, inai is segment for payments: inai’s is a no/low code platform that connects with multiple payment methods and payment gateways / processors in one simple integration. inai allows merchants to manage checkout, payments, subscriptions, refunds, cancellations, chargebacks across the globe along with the ability to orchestrate any business logic such as localising the checkout by region, routing transactions intelligently or having failover logic to recover more transactions without needing any further developer involvement. Merchants can also connect with BI tools, fraud providers, invoicing and tax tools.
With cross border e-commerce growing at 2X the pace of e-commerce and expected to reach $4.8 trillion by 2026, inai estimates that this is a large SaaS opportunity estimated to be $5 billion.
Speaking on the fund raise, Anantharaman Pattabiraman and Karthik Narayanan, Founders, inai, said, “While running our previous DTC business, we realised that with e-commerce going increasingly cross-border, optimising the checkout experience for the customer in each market is extremely important. inai allows merchants to go live within 60 minutes with an international payment stack that is optimised for every market they want to operate in and take control of their payment data. In addition, inai provides a rich software layer to support different subscription models for an e-commerce merchant or a SaaS business to sell across multiple geographies and localise the checkout experience.”
Sharing his thoughts, Federico Wengi , Partner at Paua Ventures added, “As the online payments tech-stack gets more sophisticated with new local payment methods, BNPL solutions (buy now pay later) and e-wallets, companies look for solutions to simplify and coordinate online payments. Inai taps into this large opportunity by offering a no-code software solution to simplify online payments once and for all. The experienced founding team has convinced us. We are impressed by Anta´s and Karthik´s energy and execution speed and we love the fact that they know each other since they were kids and have co-founded a company together in the past that experienced the problem they are trying to solve now.”
To this Dr Apoorva Ranjan Sharma, Co-founder & Managing Director, 9Unicorns, added, “The key differentiating factor of this platform is that it enables merchants to set up their payment stack with a single integration. Merchants are not required to write any code, which makes it easier for startups and e-commerce businesses to ramp up their operations without any technical expertise. In an increasingly digital economy like Asia, where e-commerce and cross border e-commerce is on an upward growth trajectory, inai is well-poised to capitalize on the cross border payments market.”
inai will utilize the fresh capital to strengthen its technology team, expand its product portfolio, and build out their sales and marketing.
The startup is part of Y Combinator’s Summer 2021 cohort for startups.