SphitiCap, an early-stage venture capital fund, has announced an investment of $11.5 million (approximately Rs 94.7 crore) in fintech startup PayVeda, its second bet from its debut fund.
SphitiCap said the Noida-based startup’s pipeline of strategic acquisitions and the near certainty of an initial public offering (IPO) contributed to its inclusion in its portfolio. The fintech player, founded in 2019, aims to close the financial inclusion gap in India’s underserved markets. It claims to have built a network of 80,000 merchants and plans to build a network of 50 lakh merchants in the next four years.
Payments and other financial management solutions, such as cash deposit, cash withdrawal, money transfer, bill payments, Aadhaar-enabled services, air time recharge, railway ticketing booking, MPOS, QR code payments, digital payments, and more, are among its service offerings. Its services are accessible via an Android mobile application.
Categories: Other News, Startups & SMBs
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