PayVEDA, a fintech startup, has secured $11.5 million in Series A funding from early-stage, sector-neutral fund SphitiCap.
The company was added to SphitiCap’s meticulously built investment portfolio due to its promising growth, pipeline of strategic acquisitions, and the likelihood of an Initial Public Offering (IPO), as per reported by IndianWeb2.
PayVEDA has established a substantial network of over 80,000 merchants since its launch and aspires to reach 50 lakh merchants in the following four years.
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 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 start-up ecosystem driven by innovators who are focused on solving real problems and creating real impact. Adding a fintech giant like PayVeda, which has been at the forefront of solving these challenges on-ground, to our portfolio is absolutely thrilling. We are confident that our investment in the company will give impetus to its expansion and acquisition strategy while strengthening its IPO roadmap. We look forward to seeing the impact of our investment in the years to come.”
Additionally, the business has recorded a gross transaction volume of 7000 crores from more than 5 crore monthly transactions, with a goal of 30 lakh crores over the following four years. PayVEDA is an innovation-focused company that adheres to SphitiCap’s core values of sustainability, growth, and impact.
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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. Our innovative products along with our seamless offerings ride on the active network that we hope to continue strengthening and expanding. Our partnership with SphitiCap will surely enable us to further our vision, and we are excited to build a long-withstanding relationship with the team.”
PayVEDA is a leading payments fintech organisation, promoted by Technocrats and Entrepreneur’s to bridge the financial gap in underserverd regions of India. PayVEDA intends to take the banking and non banking services to the remotest part of the country, using its retail network. PayVEDA is a one-stop platform to provide financial and non financial services.