Fintech for Underserved Areas PayVEDA Closes $11.5 Mn in Funding from SphitiCap
PayVEDA Closes $11.5 Million in Series A Funding from SphitiCap
SphitiCap – an early-stage sector agnostic fund today announced their second investment portfolio with $11.5 Million Series A Funding in PayVEDA. PayVEDA is a leading solution-oriented fin-tech player bridging the financial gap (banking &non-banking) in underserved regions of India. The company’s promising growth, the pipeline of strategic acquisitions, and the near plausibility of an Initial Public Offering (IPO) contributed to its inclusion in SphitiCap’s carefully crafted investment portfolio.
Since its inception, PayVEDA has built a strong network of over 80,000 merchants and aims to reach 50 lakh merchants in the next four years. Furthermore, the company has seen a Gross Transaction Volume of 7000 crores, from over 5 crore monthly transactions, which it aims to increase to 30 lakh crores in the next four years. An innovation-centered enterprise, PayVEDA is aligned with SphitiCap’s foundational philosophy of Sustainability, Growth, and Impact.
Talking about the investment, Pallav Kumar Singh, Managing Partner at SphitiCap said, “Financial inclusion is a key concern in India, given the changing global economic and political dynamics. Even though as a nation we are currently shielded from fiscal undercurrents; a large chunk of our population resides in rural cities that still are in a dire need of access to credible financial institutions and advisory. Fortunately, we are blessed with a robust start-up ecosystem driven by innovators who are focused on solving real problems and creating real impact. Adding a fintech giant like PayVeda, which has been at the forefront of solving these challenges on-ground, to our portfolio is absolutely thrilling. We are confident that our investment in the company will give impetus to its expansion and acquisition strategy while strengthening its IPO roadmap. We look forward to seeing the impact of our investment in the years to come.”
Adding to the above, Prateek Vohra, Founder of PayVEDA said, “PayVEDA is committed to changing lives and empowering people residing in the country’s most remote corners. Our aim is to take banking and non-banking fintech services to rural India and create employment for rural youth in locations 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. Our innovative products along with our seamless offerings ride on the active network that we hope to continue strengthening and expanding. Our partnership with SphitiCap will surely enable us to further our vision, and we are excited to build a long-withstanding relationship with the team.”
SphitiCap recently announced leading the Series A funding round in ClearDekho and is now on the pathway to announce up to 10 more this quarter.
SphitiCap is an India-centered, early-stage sector agnostic fund, primarily investing in 10 sectors across India. With innovation as the core fundamental, SphitiCap focuses on investments in enterprises that align with the tenets of sustainability, growth, and impact. The VC firm funds firms from the seed stage to Series A, leading to a funding size of USD 10 million. The total corpus of the fund is 500 million. aims to value sustainable profitable growth with a well-defined exit strategy. It pioneers Indian businesses by embedding large-scale capital raise and investor confidence eco-systems seamlessly and powerfully
PayVeda intends to take the banking and nonbanking services to the remotest part of the country, using its retail network. PayVEDA is a one-stop platform to provide financial and non-financial services
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