SRI Capital of angel investor Sashi Reddi has picked up a minority stake in merchant-managed payment gateway services platform NumberMall.
The company did not disclose the size of the investment or the equity allotted to the investor. With this investment, Reddi would also join the board of directors of the payment services firm, according to a press release here today.
Kiran Gali, founder and CEO of NumberMall Private Limited, said SRI Capital’s equity investment was a part of the company’s overall plan to raise Series A funding of $10 million next year as it seeks to expand the operations across the country.
NumberMall, which was started in 2012, has a merchant network of over 13,000 in south India and is aiming to increase the support to 100,000 merchants in the next 18 months, according to the press release.