Bengaluru, Oct 31

PayVEDA, a fintech startup has raised $11.5 million in a series A funding round from SphitiCap, an early-stage fund.

The startup said that it has built a network of over 80,000 merchants and aims to reach 50 lakh merchants in the next four years. Moreover, the company added that it has recorded a gross transaction volume of 7,000 crore and intends to scale it to 30 lakh crore in the next four years.

“Financial inclusion is a key concern in India, given the changing global economic and political dynamics. A large chunk of our population resides in rural cities that still are in a dire need of access to credible financial institutions and advisory. Adding a fintech giant like PayVeda to our portfolio is a value addition for us. We look forward to see the impact of our investment in the years to come,” said Kumar Singh, Managing Partner at SphitiCap.

According to Prateek Vohra, founder of PayVEDA, the startup aims to take banking and non-banking fintech services to rural India and create employment for rural youth in locations that are often overlooked.

“Our innovative products along with our seamless offerings ride on the active network that we hope to continue strengthening and expanding. Our partnership with SphitiCap will surely enable us to further our vision, and we are excited to build a long-standing relationship with the team,” he added.