Chillr feels the chill. Cold winds of consolidation blow over the payments landscape
2 years, $7 million in funding and 2 million users later, payment app Chillr is up for sale. Buyer No.1 is Truecaller, whose payment ambitions are an enigma. Buyer No. 2 is HDFC Bank, Chillr’s biggest partner
As long as Chillr was riding on IMPS it didn’t have competition, but demonetisation and UPI unleashed unanticipated competition
The root of Truecaller’s payment ambition lies in UPI, so there is an overlap of interest
Chillr’s HDFC Bank association was a launchpad for it, but that meant getting a cold shoulder from the other big banks
HDFC Bank’s price for Chillr will depend on how valuable it thinks Chillr’s tech stack is
There is light at the end of the payments tunnel. It’s from the train called consolidation.
Just two years ago, peer-to-peer payment app Chillr was a breath of fresh air in a market where competition was mostly walled-garden wallets or cumbersome bank transfers. Chillr’s technology and user experience set out to make fund transfers from bank accounts easy and quick.
And now it is in the middle of seeking a sale. It has two big suitors in the form of caller identity service, Truecaller, and one of India’s largest private sector banks, HDFC…
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