Fintech startup PayVEDA raises $11.5 million in funding from SphitiCap
- ByStartupStory | October 31, 2022
PayVEDA, a fintech startup, has received $11.5 million in Series A financing from SphitiCap, an early-stage, sector-agnostic firm.
PayVEDA, situated in Noida, was founded in 2019 with the goal of bridging the financial gap in India’s underprivileged regions. According to an official statement, the company’s expansion, a path of strategic acquisitions, and potential IPO all led to its inclusion in SphitiCap’s investment portfolio.
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.”
PayVEDA claims to have created a network of over 80,000 merchants since its beginnings. In the next four years, it hopes to reach 50 lakh retailers. The business also stated that it had a gross transaction volume of Rs 7,000 crore from more than five crore monthly transactions, which it hopes to raise to Rs 30 lakh crore in the next four years.
“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 the 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 startup ecosystem driven by innovators who are focused on solving real problems and creating real impact. Adding a fintech giant like PayVeda, that has been at the forefront of solving these challenges on-ground, to our portfolio is absolutely thrilling,” said Pallav Kumar Singh, Managing Partner at SphitiCap.
He further added, “We are confident that our investment in the company will give 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.”
Follow Startup Story
Related Posts
