Proptech Startup Blox raises $12 Mn from CRED’s Kunal Shah and Jupiter’s Jitendra Gupta among many others

• ByStartupStory     |    December 2, 2022

Bengaluru-based cross-border payments startup PayGlocal has raised Series B funding of $12 million (around Rs 92 crore) co-led by Tiger Global and Sequoia Capital India. The round also saw participation from existing investors including BeeNext; Amrish Rau (CEO of PineLabs); Jitendra Gupta (Founder of Jupiter); Sweta Rau (Founder of White Ventures) and Kunal Shah (Founder of Cred). 

The startup plans to deploy the new proceeds to launch new cross-border payments solutions to help global merchants receive payments from Indian consumers and cross-border B2B solutions. The latest fundraise comes six months after PayGlocal secured $4.9 million in a Series A round led by Sequoia Capital India. 

Blox was founded in 2021 by payment industry veterans Prachi Dharani, Rohit Sukhija, Yogesh Lokhande, and Ruby Jain, PayGlocal enables merchants to accept and collect payments from customers outside India in the currency of their choice and use their own cards or non-card payment options.  

“We have observed remarkable growth within just 14 months of launch and received phenomenal feedback for our platform from merchants who are happy with the increase in international payments success rate and a reduction in the risk associated with the processing of cross-border transactions. We look forward to expanding our current team to over 100 by the end of this year,” said Prachi Dharani, Co-Founder, and CEO, PayGlocal. 

“Indian merchants are engaged in over $400 billion of exports yearly. Accepting international cards is important for their business. PayGlocal has successfully solved high success rates and fraud prevention for such cross-border transactions. We believe it will be able to cater to various segments of cross-border commerce over time. Sequoia Capital India is excited to strengthen the partnership with the team.” Ashish Agrawal, MD, Sequoia India

“As India becomes increasingly important to global commerce, there remains a significant need for innovation on cross-border payments. We believe PayGlocal’s platform will make it easier for millions of Indian businesses to reach customers globally,” said Alex Cook, Partner, Tiger Global. Sequoia Capital India is a venture capital firm that invests in consumer, technology, and healthcare. The firm operates in Southeast Asia and India and actively partners with founders from a wide range of companies, across categories, including Byju’s, Carousell, Druva, Gojek, OYO Rooms, Tokopedia, Truecaller, and Zomato, among others.

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