Fintech company PayVEDA has raised $11.5 million in a Series A funding from SphitiCap, an early-stage, sector-agnostic fund.
Founded in 2019, PayVEDA is a fintech player that strives to bridge the financial gap in the underserved regions of India. According to an official release, the company’s growth, pipeline of strategic acquisitions, and possibility of an IPO contributed to its inclusion in SphitiCap’s investment portfolio.
According to PayVEDA, it has built a network of over 80,000 merchants since inception. It aims to reach 50 lakh merchants in the next four years. The company also said it has seen a gross transaction volume of Rs 7,000 crore, from over five crore monthly transactions, which it aims to increase to Rs 30 lakh crore in the next four years.
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.”
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 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.”
He also said, “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.”
SphitiCap recently announced that it had led the Series A funding round in eyewear brand ClearDekho and is on the pathway to announce up to 10 more investments this quarter.
