PayVEDA is an fintech company, has been awarded $11.5 million of Series A funding from SphitiCap the early-stage, sector-neutral company.
PayVEDA located in Noida it was established in the year 2019 with the aim of bridging the gap between the rich and the poor in India’s poor regions. According to a statement from the company that the company’s growth through strategic acquisitions, as well as a possible IPO all contributed to the inclusion of the company in the investment portfolio of SphitiCap.
Prateek Vohra, the founder of PayVEDA has stated that “PayVEDA is determined to change lives of people in the country’s farthest areas. Our mission is to provide the fintech and banking services into rural India and to create jobs for youth from rural areas which are usually neglected. Additionally, our aim is to use technology to improve the financial inclusion of people and to create a financial system for the unbanked and underbanked across the country.”
PayVEDA boasts that it has developed an online network of more than 80 thousand merchants since it was founded. In the coming four years, it is hoping to grow to 50 lakh merchants. The company also said that it has a total transaction volume of 7000 crore, derived from more than five crore transactions per month and is hoping to increase to 30 lakh crore over during the following four years.
“Financial access is one major issue for India in light of the shifting global political and economic dynamics. While as a country we are shielded from the turbulence of our fiscal system however, a significant portion of our population is located in cities with a rural setting that have a need of reliable financial institutions and advice. We are blessed with a vibrant startup community driven by innovative entrepreneurs who are committed to solving real-world problems and generating an impacts. The addition of a fintech giant such as PayVeda which has been in the forefront of tackling these issues on the ground adding it to our portfolio is truly exciting,” said Pallav Kumar Singh, Managing Director at SphitiCap.
He added, “We are confident that our investment in the business will give the company a boost to their expansion plan and acquisition strategy , while also improving their IPO plan. We’re looking eagerly to see the results of our investment in the coming years.”