Funding Alert – Software company SafexPay raised $6 million from overseas investor T Choithrams BVI, Ardor thereby taking it’s net valuation to $100 million.
- ByStartupStory | April 10, 2021
The Mumbai-based company has raised $3 million from T Choithrams BVI, an Indian family now based overseas, and signed a definitive agreement to raise the remaining $3 million from Ardor Advisors, an American investor. Safexpay is a Mumbai-headquartered fintech focused on solving problems for businesses who need to either accept online payments from or make payouts to various stakeholders. The brainchild of founder Ravi Gupta, this company came into being in 2017, declaring their vision to build digital platform infrastructure that would transform the payment and banking needs for businesses across the globe. They also specialize in making their platform available to other merchant acquirers such as banks, financial institutions, fintechs and other international clients.
The company has a team of 100 people now, up from 40 in September 2020, and has been delivering profits for the last two years according to founder Ravi Gupta.He further reasoned that going to the people directly would require massive resources on spends like marketing and the ability to sustain losses as well. Hence, the company is targeting to raise another round of funding in the next four months, with an infusion of up to $20 million with the matter already in discussions with potential investors, he said, also adding that it is targeting to raise the money at a valuation of $150 million.
The funds will be used for improving technology product development, as well as product launches in India and abroad. The company provides white label payment gateways, white-label QR Code management tool white-label neo-banking platform, Payout API, and customized payment solutions to financial institutions, including banks.
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