Fintech company PayVEDA has raised $11.5 million in Series A funding from SphitiCap, an early-stage, sector-agnostic fund.
Founded in 2019, Noida-based PayVEDA is a fintech player working to bridge the financial gap in underserved areas of India. According to an official report, the company’s growth, a series of strategic acquisitions and the possibility of an IPO contributed to its inclusion in SphitiCap’s investment portfolio.
According to PayVEDA, it has built a network of more than 80,000 merchants since its inception. His goal is to reach 50,000 traders in the next four years. The company also said it has seen a gross transaction volume of Rs 7,000 crore, out of over five million monthly transactions, which it wants to increase to Rs 30 crore in the next four years.
Prateek Vohra, Founder of PayVEDA, said, “PayVEDA is committed to changing lives and empowering people living in the remotest corners of the country. We aim to bring banking and non-banking fintech services to rural India and create jobs for rural youth in places that are often overlooked. Furthermore, we aim to leverage technology to increase financial inclusion and create a financial ecosystem for the under- 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. While we as a nation are currently protected from fiscal undercurrents, a large portion of our population lives in rural towns that still urgently need access to trusted financial institutions and guidance.
He added, “Fortunately, we are blessed with a robust startup ecosystem driven by innovators focused on solving real problems and creating real impact. Adding a fintech giant like PayVeda, which has been at the forefront of addressing these challenges on the ground, to our portfolio is exciting.”
He further said, “We are confident that our investment in the company will give impetus to their expansion and acquisition strategy while strengthening their roadmap EVEN AFTER. We look forward to seeing the impact of our investment in the coming years.”
SphitiCap recently announced that it led a Series A funding round in eyewear brand ClearDekho and is set to announce up to 10 more investments this quarter.