Momoe, Mobile Payment Startup raises $1.2 M funding


What does Momoe do?

Momoe, is a Bangalore based mobile startups company. This startup enables mobile payments for real life merchant interactions. This mobile payment startup company offers an app based payment option where the app user can pay through a virtual wallet instead of paying through credit/debit cards or cash when the eat out. This app is available for iOS and Android mobile phone users. This startup makes money through a cut out of the transaction.

 

How much Momoe funded?

 

The mobile payments start company raised $1.2 M in seed round from the investors India Quotient, IDG Ventures India and Jungle Ventures on February 27th, 2015.

 

Previous funding

  • Undisclosed amount in seeding round on October 20th, 2014.

 

What is next for Momoe?

Momoe has five thousand to ten thousand downloads on Android currently, it is aiming to handle three thousand crore worth transactions in the coming 18 months. It has partnered with 28 restaurants and pubs as of now. Momoe is one of the major mobile payment companies along with Paytm, Mobiwik etc, of which Paytm is the biggest one.

 

More about Momoe

 

Momoe was found in April 2014 by Utkarsh Birdar, Neelesh Bam, Aiman Ashraf, Karthik Vaidyanathan, Ganesh Balakrishnan. Momoe lets people pay through their smartphones. It’s a  location based smartphone app which is available on iOS and android phone. Users can pay their restaurant bill on Momoe with their credit or debit cards. This helps people pay with their mobile when they eat out, shop and commute.

This year old startup allows the diners to also track their bill as they order apart from making a payment with the help of the app.

Unlike other mobile payment startups, Momoe does not work on the wallet and instead relies on the credit or debit card details of the app user to make the payment.