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Unicorn India Ventures led a $2 million seed investment round for the fintech firm PeLocal.
In the same round, the Chennai-based business had already secured $1.06 million from Future Monk Investments and other investors.
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According to a news statement from PeLocal, the money raised will be utilized to speed up go-to-market plans for launching major initiatives as well as to develop and improve the platform.
PeLocal is a payment solutions provider within WhatsApp that was founded in 2021 by Vivekanand Tripathi, facilitates digital transactions for customers such as insurance companies, Delhi Metro, Indraprastha Gas, and Mahanagar Gas. The platform offers safe solutions for both the public and commercial sectors, with a focus on financial services, utility payments, and transit ticketing. It seeks to enable end-to-end, secure solutions by utilizing state-of-the-art communication channels.
PeLocal wants to use technology like WhatsApp to make transactions easy, safe and focused on the needs of the client. Additionally, it connects retailers and customers by imagining the concept of being "Vocal for Local." In order to solidify its position as the industry leader for payments solutions, the firm intends to take an aggressive approach to payments on WhatsApp.
PeLocal says it has increased from 500K monthly payment transactions to 3M monthly payment transactions in the past 12 months. Within the following 12 months, the business wants to reach 10 million monthly WhatsApp payment transactions. It intends to develop an SMB payments platform on WhatsApp as well as a Marketing Catalog with payments.
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