B2B fintech start-up Vegapay has secured $1.1 million in a pre-seed funding round led by Eximius Ventures with participation from DS P HMK, Capri Global, Upsparks Capital, MGA Ventures, and Climber Capital.
Angel investors, including Arun Venkatachalam of Murugappa Group, Pratekk Agarwaal of GrowthCap Ventures, among others, also participated in this round of funding.
Founded in 2022 by Gaurav Mittal, Himanshu Agrawal, Puneet Sharma and Abhinav Garg, the start-up offers a B2B digital lending and credit card management platform. It aims to create a micro service-driven card and lending issuance stack that would enable issuers to seamlessly integrate and issue lending products that can cater to the unique needs of consumer cohorts.
The start-up will to use the funds for tech innovation. Vegapay’s vision is to liberate financial institutions and fintech enterprises from every technical barrier which hinders offering a lending solution.
Additionally, it also aims to create an omnichannel lending solution, which will help institutions customise the type of lending products (such as co-lending, secured credit, unsecured credit, and more).
Commenting on the start-up’s goals, cofounder Mittal said, ““The banks and the fintech players take months to launch new financial products like credit cards & lending offerings. However, we can help them reduce the time taken to bring products to the market by 90 per cent. This would enable our partners to launch their products in just one week. Our mission is to assist our partners in achieving the $1.5 Trillion AUM by providing customised digital lending solutions at an unprecedented speed.”