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Mumbai-based fintech startup Drona Pay on Thursday announced that it has raised a seed round of ₹3.2 crore from Varanium Capital, Credit Saison, fintech veterans including Kunal Shah, Jitendra Gupta, Amrish Rau, among other investors.
The platform helps financial institutions defend themselves against fraudsters. The company is founded by Satish Kashyap, Pallavi Narvekar and Sukhdev Sinh Zala, who have worked together at the National Stock Exchange Group and have "significant experience in building risk and analytics solutions."
Satish Kashyap is CEO of Drona Pay and was previously Chief Operating Officer of National Stock Exchange’s technology business (NSEIT) and Director with SunGard / FIS.
The seed round will help expand the technical and product team as Drona Pay is witnessing increased traction from FinTechs and banks in India.
“We aim to use the funds to strengthen the offering and increase penetration into Indian Banks and FinTechs, who are undergoing a transformation. The array of new products launched by Indian FinTechs and Banks will need robust real time risk scoring abilities which are provided by Drona Pay” said Kashyap.
Drona Pay delivers real time protection using machine learning and proprietary data sets, to defend institutions against ever increasing frauds in payments & lending. Drona Pay protects BNPL (Buy Now Pay Later), UPI (Unified Payments Interface), credit card and debit card transactions from frauds, scams, collusion and delinquency.
“While we initially saw the savings for BNPL from delinquency reduction, we were impressed with the team's ability to reduce merchant fraud & chargebacks for payment providers, which convinced us of the huge potential & teams capabilities” said Aparajit Bhandarkar, Partner, Varanium Capital who led the round.
“With increasing digital adoption, fraud management for real time transactions has become a massive problem for banks and Fintech companies. We were very impressed with team's first principle thinking on creating the product ground up and saving millions of dollars for businesses and consumers.” said Jitendra Gupta, Founder and CEO of Jupiter, who also participated in the round.
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