Fintech player Payveda raises 11.5 million US dollar funds from early stage sector agnostic fund SphitiCap’s investment in series A – funding round for second time.

The fintech start-up company PayVeda was established in the year 2019 by Mr. Prateek Vhora and is based in Noida. The company works to bridge the financial gaps in the underserved parts of the country.

The fintech player proves services like agent –based payment solutions to its consumers and businesses through payments and other financial solution like cash transactions, bill payments ticket issuing, QR payments, and Adhaar card enabled services and so on.

The company reported that, it has constructed a solid network of 80,000 merchants and has witnessed a Gross Transaction Volume worth 7 thousand Crores since its foundation.

The monthly transactions of the fintech start-up are over 5 Cr.

PayVeda aims to touch 50 Lakhs merchants with the increase in the 30 Lakh Cr monthly transactions by the year 2026 that is in four years.

The company from which PayVeda received its second time fund is A stage sector Agnostic fund which makes investments in the companies from the seeding stage to Series –A funding rounds, of a sum which values to 10 million US dollars.

The managing partner of SphitiCap   Pallav Kumar Singh said,” we are confident that our investment in the company will give impetus to their expansion and acquisition strategy, while strengthening their IPO roadmap. We look forward to seeing the impact of our investment in the years to come.”

The funding firm has also made investment in an eyewear brand, ClearDekho in series A funding round and has plans to invest in 10 more companies.

Featured image credit: PayVeda