ePaylater

What ePaylater does

ePayLater (legal entity: Arthashastra Fintech Private Limited) is a Mumbai-based digital lending platform founded in 2014 that operates a Buy Now Pay Later (BNPL) credit facility targeted at India's kirana stores and small retailers. The company extends unsecured working capital credit of up to INR 25 lakhs per borrower at 0% interest for a 14-day repayment window, generating revenue primarily through merchant commission spreads earned when paying suppliers on behalf of borrowers, supplemented by 3% monthly penal interest and INR 500 bounce charges on late or failed repayments. It operates as a Lending Service Provider (LSP) facilitating credit on behalf of RBI-regulated banks and NBFCs (including its own subsidiary AEFPL, plus Muthoot Finance, Piramal Capital, SMFG India Credit, Samunnati, and Caspian Impact Investments), meaning it does not hold credit risk on its own balance sheet for most originations.

The core product surface includes the ePayLater Business mobile app (with onboarding in under five minutes and GST verification for higher limits), India's first digital RuPay credit card (launched 2018) enabling offline point-of-sale and UPI-rail credit usage, and a Seller Dashboard that turns the platform into a two-sided B2R marketplace where merchants can manage inventory, orders, and buyer credit limits. The technology stack features mobile-first architecture, UPI-credit integration, eMandate/NACH-based automated repayment, and proprietary credit underwriting that uses transaction and behavioral data to assess borrowers lacking traditional credit histories, with reported delinquency rates under 1.5%.

The company's go-to-market combines product-led growth (self-serve mobile onboarding) with embedded distribution partnerships across 20+ large merchant platforms, including Metro Cash & Carry, Walmart India, JioMart Partner, Flipkart Wholesale, BigBasket, LOTS Wholesale, Dealshare, and Jumbotail. ePayLater has disbursed over INR 2,000 crore cumulatively, impacted 100,000+ retailers, and operates in 100+ Indian cities. It has raised approximately $15 million across seed and Series A funding rounds from investors including ICICI Bank, GMO Global Fintech Fund, ResponsAbility Investments AG, Blue Ashva Capital, and Pravega Ventures. Pricing is freemium-style with no processing fees, no annual fees, and tiered reward programs (Dil Mange More, ePayfirst, Super Say Upar, Dus Ka Dum) that incentivize transaction continuity.

Name

ePaylater

Legal name

Arthashastra Fintech Private Limited

Website

https://epaylater.in

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

101–250 employees

Short description

ePayLater is a Mumbai-based digital lending platform that provides Buy Now Pay Later working capital credit of up to INR 25 lakhs at 0% interest for 14 days to India's kirana stores and small retailers, distributed through mobile app and embedded partnerships with major B2B merchant platforms.

Ownership category

akta.pro rank

Product category

BNPL Lending

NAICS

Sales Financing (522220), Sales Financing (52222), Nondepository Credit Intermediation (5222)

SIC

Short-Term Business Credit Institutions (6153), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

B2B BNPL (Invoice Split/Net Terms for SMB Procurement) (FSAKACAJ)

akta.pro secondary industry

B2B Trade Credit at POS (SME Installment/Invoice-at-Checkout) (FSAKAFAO)

Keywords

• Buy now pay later
• B2B lending
• MSME financing
• Digital credit card
• Kirana store credit

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Transaction / Merchant Commission: ePayLater earns a commission spread from suppliers/merchants by paying them immediately after delivery. The company uses this spread to borrow from banks and extend short-term credit to retailers. This is the primary revenue mechanism.
2. Late Payment Penalties: Penal interest of 3% per month charged on the pending amount from the transaction date, in case of late payment. Additional bounce/late fees of Rs 500 for insufficient balance on NACH debit attempts. GST applicable on late charges.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels7 records

Core offering

ePayLater provides a B2B Buy Now Pay Later (BNPL) credit facility of up to INR 25 lakhs to kirana stores, small retailers, and MSMEs across India, with 0% interest for a 14-day repayment period. Credit is delivered through a mobile app (onboarding under 5 minutes), a RuPay-based digital credit card usable at any RuPay-accepting merchant, and embedded one-click checkout at partner merchant portals such as JioMart Partner, Flipkart Wholesale, BigBasket, Metro Cash & Carry, and Walmart India. A B2R seller dashboard and partnerships with multiple NBFCs (AEFPL, Muthoot, Piramal, SMFG, Samunnati) complete the working-capital infrastructure for India's unorganized retail ecosystem.

Product overview

ePayLater is a unified B2B Buy Now Pay Later platform for India's MSME and kirana retail ecosystem, operated by Arthashastra Fintech Private Limited. The core product is the ePayLater Business BNPL credit facility (up to ₹25 lakhs, 0% interest for 14 days), offered through a mobile app to retailers for purchasing inventory from partner merchants. This is complemented by the RuPay Digital Credit Card (India's first digital credit card, launched 2018), which extends the credit limit to any RuPay-accepting merchant. The ePayLater Seller Dashboard provides merchants with inventory, order, and customer management tools, completing a two-sided B2R marketplace with embedded credit. Loyalty programs (Dil Mange More, ePayfirst, Super Say Upar, Dus Ka Dum) and a Scan & Pay feature further round out the platform.

Differentiator

Problem solved

Functional benefit

Products and services

• ePayLater Business (B2B BNPL Credit) A deferred payment B2B BNPL solution providing unsecured working capital credit of up to INR 25 lakhs to small businesses and kirana retailers, with 0% interest for a 14-day credit period on purchases from partner merchants. Penal interest of 3% per month charged from the transaction date on overdue amounts. Offered via a mobile app with onboarding in under 5 minutes, GST verification for higher limits, and NACH/eMandate repayment.
• RuPay Digital Credit Card India's first digital RuPay credit card, launched in 2018, enabling retailers to access their ePayLater credit limit at any RuPay-accepting physical or online merchant. Functions as a virtual card linked to the user's ePayLater credit account and extends BNPL credit beyond partner merchant portals.
• ePayLater Seller Dashboard A B2R (Business-to-Retailer) portal enabling sellers and merchants to manage inventory, orders, customer credit limits, product catalogues, online store setup, and business KPIs from a single dashboard. Sellers can onboard existing buyer networks and leverage the platform's pan-India credit-ready buyer network.

Quantifiable outcome

• Delinquency rate of 0.15%
• +5 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature5 records

Partnerships

13 partnerships are on record, tiered flagship, core and minor.

• Metro Cash & CarryflagshipChannel Partner/ Reseller/ Distributor · 1 January 20183-year partnership (2018-2021) helped over 100,000 kirana stores access credit through Metro's wholesale network. ePayLater's first major enterprise merchant partnership.
• Walmart IndiaflagshipChannel Partner/ Reseller/ Distributor · 1 January 2018Partnership since 2018 enabling kirana stores to purchase from Walmart's wholesale outlets using ePayLater credit. ePayLater collects and uses purchase data from Walmart India for credit assessment.
• JioMart Partner (JMP)coreChannel Partner/ Reseller/ DistributorB2B lending platform ePayLater tied up with JioMart Partner to transform retail distribution through embedded credit, enabling kirana stores to buy from JioMart's supplier network.
• SignCatchcoreChannel Partner/ Reseller/ DistributorSignCatch partnered with ePayLater to enable B2B credit for small retailers on the Bech app, targeting neighborhood retail stores as a lifeline for commerce.
• SOLV (BNPL for MSME Sector)coreChannel Partner/ Reseller/ DistributorSOLV partnered with ePayLater to launch Buy Now Pay Later for the MSME sector, combining SOLV's MSME platform with ePayLater's credit infrastructure.
• TradeBridgeminorChannel Partner/ Reseller/ DistributorTradeBridge, an agri marketplace platform, entered delayed pay arena in collaboration with ePayLater to enable BNPL for agricultural inputs and produce procurement.
• Flipkart WholesalecoreChannel Partner/ Reseller/ DistributorKirana stores can purchase from Flipkart Wholesale using ePayLater credit, with one-click checkout integration on Flipkart's B2B portal.
• BigBasket (Business)coreChannel Partner/ Reseller/ DistributorPartnership enables kirana stores and small retailers to purchase groceries and FMCG products from BigBasket's B2B platform using ePayLater credit.
• LOTS WholesalecoreChannel Partner/ Reseller/ DistributorLOTS Wholesale is a partner merchant where ePayLater users can make purchases using their credit limit.
• DealshareminorChannel Partner/ Reseller/ DistributorSocial commerce platform Dealshare enables small retailers to source inventory using ePayLater credit.
• JumbotailminorChannel Partner/ Reseller/ DistributorB2B marketplace Jumbotail partners with ePayLater to provide credit access to small retailers sourcing through its platform.
• Future GroupminorChannel Partner/ Reseller/ DistributorFuture Group is listed as a seller partner, enabling kirana stores to purchase from its wholesale network using ePayLater credit.
• TradeIndiaminorChannel Partner/ Reseller/ DistributorTradeIndia B2B marketplace partnership enables small businesses to source products using ePayLater credit facilities.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Axio (formerly Capital Float): Axio is a Bangalore-based B2B BNPL platform providing credit to consumers and SMBs in India. It operates in the same SMB credit-financing-at-checkout category as ePayLater, with similar revenue models based on merchant commissions and penal interest, serving the same India SMB market.
• Velocity (velocity.in): Velocity is an India-based B2B BNPL platform providing instant credit to SMBs for inventory purchases from suppliers. It directly competes with ePayLater in the SME working-capital-at-checkout category, using a similar merchant-integrated LSP model with NBFC partners.
• Indifi Technologies: Indifi is an India-based SMB lending platform offering working capital and supply chain financing to small businesses. Like ePayLater, it targets underserved Indian SMBs without traditional credit histories, using alternative data underwriting and partner integrations.
• Lendingkart: Lendingkart is an Indian fintech providing working capital loans to small businesses, using proprietary credit scoring on alternative data. It serves a comparable SMB segment and uses a similar technology-driven underwriting approach to ePayLater, with NBFC-anchored lending.
• KredX: KredX is an India-based invoice discounting and trade finance platform providing working capital to SMBs by purchasing their receivables. Like ePayLater, it solves SMB working capital gaps using digital rails and alternative underwriting, though its primary mechanism is invoice financing rather than merchant checkout.
• Mswipe: Mswipe is an India-based POS and SMB fintech offering card acceptance, lending, and working capital products to small merchants. Like ePayLater, it serves unorganized SMBs with technology-driven credit, though its distribution anchor is POS terminals rather than BNPL merchant integrations.

Broad incumbents

• LazyPay (PayU): LazyPay is the BNPL offering of PayU, a global payments major, providing credit at checkout across Indian merchant platforms. While ePayLater is B2B-focused and LazyPay is more B2C, both operate in India's BNPL-at-checkout category with similar merchant-commission-based economics.
• Razorpay Capital: Razorpay Capital is the lending arm of Razorpay, India's largest payments aggregator, providing working capital and BNPL-style credit to merchants and SMBs on its platform. As a much larger incumbent with deep merchant relationships, it represents both a partnership opportunity and a competitive threat to ePayLater.
• Pine Labs: Pine Labs is a leading Indian merchant POS and consumer BNPL platform (including its Pay Later product), serving large enterprise merchants and SMBs at checkout. As a much larger established player in POS credit and SMB merchant financing, it is a broad comparable in the SMB credit-at-checkout category.

Emerging players

• ZestMoney: ZestMoney is an India-based digital lending platform offering BNPL and EMI financing to consumers and small merchants, primarily online. While its core focus is consumer credit, its merchant-facing BNPL product overlaps with ePayLater's small-business checkout financing offering.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks3 records

Key highlights7 records

Customer concentration

• Xx.com/epaylater
• YouTubeyoutube.com/channel/UCn不服
• Facebookfacebook.com/epaylater
• LinkedInin.linkedin.com/company/epaylater
• Instagraminstagram.com/epaylater_official

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds5 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ePaylater