Telr bags USD 3 mn investment from Innovations East; to enhance core product proposition

Fastest growing payment gateways with operations in the Middle East, South East Asia and India, Telr has announced receiving of an investment worth USD three million from Innovations East, a fund managed by people with extensive experience in marketplaces and online payments, as part of their Series B funding round.

The company will deploy the investment to build out and enhance Telr's core product proposition, roll out new payment methods and scale up operations in focus markets, especially India and other emerging markets.

However, it will enable its operations through selective partnerships, in creating an ecosystem for SMEs seeking to take their businesses online - with initiatives such as a web store builder and short-term lending.

"The infusion of funds in the Series B round would help Telr to not only strengthen its core offering, but also innovate around payment methods. Furthermore, while we focus on deeper penetration in the UAE, India, Saudi Arabia, Egypt and Indonesia, the funds will facilitate our continued expansion to other emerging markets," said CEO and co-founder Telr, Sirish Kumar.

Earlier, the company raised funds from investors in Singapore and the Middle East, including Hatcher and iMena Holdings.