Fintech startup PayVEDA raises $11.5 million in Series A funding from SphitiCap
Fintech company PayVEDA has raised $11.5 million in Series A funding from SphitiCap, an early-stage, sector-agnostic fund.
Founded in 2019, Noida-based PayVEDA is a fintech player striving to bridge the financial gap in the underserved regions of India. According to an official release, the company’s growth, pipeline of strategic acquisitions and the possibility of an IPO contributed to the company’s inclusion in SphitiCap’s investment portfolio.
According to PayVEDA, it has built a network of over 80,000 merchants since its inception. The aim is to reach 50 lakh merchants in the next four years. The company also said it has seen a gross transaction volume of Rs 7,000 crore, from over five crore monthly transactions, which it aims to increase to Rs 30 lakh crore over the next four years.
Prateek Vohra, Founder of PayVEDA said, “PayVEDA is committed to changing lives and empowering people living in the remotest corners of the country. Our aim is to take banking and non-banking fintech services to rural India and create employment for rural youth in places that are often overlooked. Furthermore, our goal is to leverage technology to increase financial inclusion and create a financial ecosystem for the underbanked and unbanked across the country.”
Pallav Kumar Singh, Managing Partner at SphitiCap said, “Financial inclusion is a key concern in India, given the changing global economic and political dynamics. Although we as a nation are currently shielded from the fiscal undercurrents, a large section of our population lives in rural towns that still have a strong need for access to credible financial institutions and advice. Fortunately, we are blessed with a robust startup ecosystem driven by innovators focused on solving real problems and creating real impact. Adding a fintech giant like PayVeda , who have been at the forefront of solving these challenges on the ground, to our portfolio is absolutely exciting.”
He also said: “We are confident that our investment in the company will provide impetus to their expansion and acquisition strategy, while strengthening their IPO roadmap. We look forward to seeing the impact of our investment in the years to come.”
SphitiCap recently announced that it had led the Series A funding round in eyewear brand ClearDekho and is on track to announce up to 10 more investments this quarter.
