Bangalore, India-based fintech platform PayGlocal raised USD 12 million in Series B funding. The round took place on June 18, 2022. Tiger Global Management and Sequoia Capital India led the funding for PayGlocal.
Meanwhile, BeeNext and angel investors such as Pine Labs Amrish Rau, Citrus Pay and Jupiter founder Jitendra Gupta, and Cred’s founder Kunal Shah also invested in the round.
Purpose of Funding for PayGlocal
The startup intends to scale its business with the latest capital infusion in the Series B round. Besides, the company looks forward to launching new payment solutions.
In a special resolution passed by the company’s board, PayGlocal allotted 16,510 Series B compulsory cumulative preference shares. The shares were issued at the price of INR 56,315.73 per share to raise USD 12 million (INR 93 crore).
Tiger Global invested USD 6 million (INR 46.3 crore), Sequoia and BEENEXT pumped USD 4.28 million (INR 33.01 crore) and USD 1.11 million (INR 8.56 crore), respectively. Meanwhile, QED Innovation and angel investors such as Amrish Rau, Sweta Rau, Jitendra Gupta, and Ruby Jain collectively invested USD 0.6 million (INR 5.1 crore).
Earlier in December 2021, the cross-border payment solutions company raised USD 4.9 million in Series A funding. Sequoia Capital, as well as BEENEXT, Jitendra Gupta, and Amrish Rau, invested in the firm back then.
What the founder has to say
“We have observed remarkable growth within just 14 months of launch and received phenomenal feedback for our platform from merchants who are happy with the increase in international payments success rate and a reduction in the risk associated with the processing of cross-border transactions,” said Prachi Dharani, co-founder of PayGlocal.
What the investors have to add
“Indian merchants are engaged in over USD 400 billion of exports every year. Accepting international cards is important for their business. PayGlocal has successfully solved for high success rates and fraud prevention for such cross-border transactions,” said Ashish Agrawal, MD, Sequoia India.
“As India becomes increasingly important to global commerce, there remains a significant need for innovation on cross-border payments. We believe PayGlocal’s platform will make it easier for millions of Indian businesses to reach customers globally,” said Alex Cook, Partner, Tiger Global.
About PayGlocal
Prachi Dharani, Rohit Sukhija, Yogesh Lokhande and Ruby Jain co-founded PayGlocal in 2021. PayGlocal enables merchants to accept cross-border payments. The users get to accept payments in the currency of their choice. Besides, it also offers them the option to use their cards or non-card payment options. The company has more than 100 merchants onboard.
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