Payment gateway Telr gets $3 mn funding from Innovations East

Payment gateway operator Telr today said it has received an investment of USD 3 million (Rs 19.2 crore) from Innovations East.
The series B funding will be used to build out and enhance the core product, roll out new payment methods and scale up operations in focus markets, especially India and other emerging markets, Telr said in a statement.
Funds will also be deployed, through selective partnerships, in creating an ecosystem for SMEs working on initiatives like a web store builder and short-term lending.
"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," Telr CEO and co-founder Sirish Kumar said.

Telr had previously raised funds from investors in Singapore and the Middle East, including Hatcher and iMena Holdings.
The company has facilitated transactions worth over USD 500 million annually and expects to touch USD 1 billion by the end of 2017.