PayVEDA has announced that it has raised $11.5 Million funding from SphitiCap, an early-stage sector-neutral fund. PayVEDA lastmile service delivery points for end customers to avail services, such as Aadhar Withdrawal, Money Transfer, Bill Payments, Recharges, lending, insurance and many more services.
PayVEDA is a key participant in the fintech industry that focuses on banking and non-banking services. SphitiCap’s added this firm in its investment portfolio realizing its promising growth, pipeline of strategic acquisitions, and the likelihood of an Initial Public Offering (IPO).
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. 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 platform designed to deliver 1 Million Transactions per day
“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. We are confident that our investment in the PayVeda 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.” Pallav Kumar Singh, Managing Partner at SphitiCap said.
Prateek Vohra, Founder of PayVEDA stated “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.”
SphitiCap recently announced leading the Series A funding round in ClearDekho.
