PayVEDA Closes $11.5 Million In Series A Funding From SphitiCap The company's promising growth, the pipeline of strategic acquisitions, and the near plausibility of an Initial Public Offering (IPO) contributed to its inclusion in SphitiCap's carefully crafted investment portfolio
By Teena Jose
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SphitiCap, an early-stage sector agnostic fund, has announced their second investment portfolio with $11.5 million Series A funding in PayVEDA. The company's promising growth, the pipeline of strategic acquisitions, and the near plausibility of an Initial Public Offering (IPO) contributed to its inclusion in SphitiCap's carefully crafted investment portfolio, as per the company's statement.
"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 partnership with SphitiCap will surely enable us to further our vision, and we are excited to build a long-withstanding relationship with the team," said Prateek Vohra, founder, PayVEDA.
Since its inception, PayVEDA has built a strong network of over 80,000 merchants and aims to reach 50 lakh merchants in the next four years. The company has seen a gross transaction volume of 7000 crore, from over 5 crore monthly transactions, which it aims to increase to 30 lakh crore in the next four years, claimed by the company in a statement.
"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," said Pallav Kumar Singh, managing partner, SphitiCap
PayVeda is a fintech established in 2019 that provides agent-based payment solutions to consumers and businesses whereas; SphitiCap focuses on investments in enterprises that align with the tenets of sustainability, growth, and impact.
