Introduction:
Online shoppers in India often miss out on attractive discounts and offers tied to specific credit and debit cards simply because they don’t own the relevant cards. This creates a frustrating barrier to savings, as buyers either pay full price or scramble to borrow cards from friends and family—an inconvenient and inefficient process. Despite the growing penetration of digital payments, access to these offers remains highly fragmented, leaving a significant portion of potential savings untapped.
PiePay solves this problem with an innovative platform that helps shoppers access card offers without owning the card themselves. At checkout, PiePay identifies the best available offer, matches the buyer with a cardholder in real time, and facilitates the transaction seamlessly. The buyer enjoys the discounted price while the cardholder earns rewards for participating in the process. This solution not only democratizes access to card-linked discounts but also creates a win-win scenario for both buyers and cardholders.
The founding team, comprising three IIT Madras alumni, brings a robust blend of technical expertise and financial industry experience. Utkarsh Murari, the CEO, has three years of experience as a risk analyst at HSBC, while Rishab Jain and Ajay Kumar, the CPO and CTO respectively, have extensive experience in software development at companies like BNY Mellon and Fanclash. Together, they’ve built a platform trusted by over 150,000 users, poised to revolutionize online shopping in India.
Market Opportunity:
The Indian e-commerce market is projected to grow from $75 billion in 2023 to $200 billion by 2026, driven by increasing internet penetration, rising disposable incomes, and growing consumer trust in digital platforms. Alongside this, the credit card market in India is also expanding rapidly, with over 80 million credit cards issued as of 2023 and a compound annual growth rate (CAGR) of 25%. However, despite this growth, card ownership remains limited, with only a small percentage of the population holding multiple cards capable of unlocking diverse offers.
PiePay operates at the intersection of e-commerce and digital payments, addressing a massive pain point for both online shoppers and cardholders. Its platform not only democratizes access to discounts but also aligns with consumer trends favoring convenience, savings, and seamless transactions. By positioning itself as the default payment option on e-commerce platforms, PiePay taps into a multi-billion-dollar opportunity in bridging the gap between card-linked offers and non-cardholding shoppers.
Additionally, the peer-to-peer transaction model employed by PiePay opens up avenues for monetization through transaction fees, premium memberships, and partnered bank collaborations, ensuring long-term scalability. With over 150,000 users already on board and growing adoption, PiePay is well-positioned to capture a significant share of this expanding market.
100X.VC Thesis:
Increasing consumption in India is expected to drive consumer behaviour to look for best deals offered and seek deals that results in a win-win. Initial MVP promising and we believe this is a significant gap for online shoppers and leveraging the ability to fill the gap for non-card holders is a big opportunity.
Conclusion:
PiePay is revolutionizing online shopping by providing a platform that allows buyers to access card-linked offers without owning the required cards. By simplifying the checkout process and offering a win-win for buyers and cardholders, PiePay creates a seamless and democratized shopping experience. Its innovative approach has already gained traction, earning the trust of 150,000 users and unlocking a massive market opportunity at the intersection of e-commerce and digital payments.
Under the leadership of a strong founding team—Utkarsh, Rishab, and Ajay - PiePay is poised to scale rapidly and establish itself as a key player in India’s e-commerce and fintech ecosystems. With a clear value proposition, growing user base, and expansive market potential, PiePay offers a compelling investment opportunity for those looking to support the next big innovation in digital payments.
