Payment solutions start-up, PayGlocal has raised $12 million in its Series B funding round, co-led by Tiger Global and Sequoia Capital India, it announced on Saturday. The company plans to use these funds to scale its cross-border merchant payments solution and hire more people.
PayGlocal’s board has passed a special resolution to allot 16,510 Series B compulsory cumulative preference shares at an issue price of Rs 56,315.73 per share to raise Rs 93 crore or $12 million, its regulatory filings with RoC show.
This is the second round of investment in the last six months for PayGlocal. The startup closed its Series A round worth $4.9 million led by Sequoia India with participation from BeeNext, Jitendra Gupta, and Amrish Rau in December 2021.
In this round, Tiger has pumped Rs 46.3 crore followed by Sequoia and Beenext with Rs 33.01 crore and Rs 8.56 crore respectively. QED Innovation and other individuals namely Amrish Rau, Sweta Rau, Jitendra Gupta, and Ruby Jain have collectively invested Rs 5.1 crore.
The startup will use the funding to scale up its existing merchant cross-border payments solutions and to launch new product solutions targeted at global clients. The fresh infusion will also be used to unveil its business-to-business (B2B) vertical to add new clients to its user base.