Mumbai based SaaS tool Drona Pay raises $500k in seed round
- ByTejika Bajaj | November 26, 2021
Mumbai based SaaS tool player Drona Pay recently announced that it has raised $500,000 in its seed round of funding led by Varanium Capital. The round also saw participation from investors like Credit Sainson and industry veterans like Kunal Shah, Jitendra Gupta and Amrish Rau among others.
The startup is likely to utilize the recently infused funds to expand its technical and product team as the platform is witnessing traction from fin-techs and banks of India. Further, the startup also aims to boost up its go-to-market strategy.
Expressing his views on the recent infusion of capital, the Co-founder and CEO of Drona Pay, Satish Kashyap stated, “We aim to use the funds to strengthen the offering and increase penetration into Indian Banks and FinTechs, who are undergoing a transformation. The array of new products launched by Indian FinTechs and Banks will need robust real time risk scoring abilities which are provided by Drona Pay.”
Founded in 2021 by Satish Kashyap, Pallavi Narvekar and Sukhdev Sinh Zala, Drona Pay is an online platform which aims to defend individuals and institutions from frauds and scams. The startup delivers real time protection using ML and proprietary data sets to protect its clients from frauds, scams and phishing cases. The company promises to reduce delinquency in BNPL transactions in 30 milliseconds along with a reduction of bust off and merchant fraud.
Commenting about the recent investment made, the Partner at Varanium Capital, Aparajit Bhandarkar said, “While we initially saw the savings for BNPL from delinquency reduction, we were impressed with the team’s ability to reduce merchant fraud and chargebacks for payment providers, which convinced us of the huge potential and teams capabilities.”
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