Vegapay, B2B fintech, secures $ 5.5 mn for team and operations expansion
ECONOMY & POLICY

Vegapay, B2B fintech, secures $ 5.5 mn for team and operations expansion

Vegapay, a fintech firm focused on business-to-business (B2B) transactions, recently secured $5.5 million in funding during its seed round, with Elevation Capital and Eximius Ventures among the participating investors.

The company announced plans to allocate the raised capital towards expanding its product and technology teams, as well as investing in operational and compliance necessities.

Gaurav Mittal, the CEO of Vegapay, explained during a conversation with Business Standard that their intention is to promptly onboard additional engineering and technical personnel, with ongoing recruitment as needed. He emphasized the allocation of funds towards team development, operations, and regulatory compliance, particularly given the nature of their banking products.

Previously, in 2023, Vegapay had secured $1.1 million in a pre-seed funding round led by Eximius Ventures. Other contributors included DS P HMK, Capri Global, Upsparks Capital, MGA Ventures, and Climber Capital.

Vegapay specializes in offering digital lending and credit card management solutions to various financial institutions, including banks, non-banking financial companies (NBFCs), and fintech companies.

Their services encompass automated solutions such as card management systems, UPI-based credit lines, UPI-based credit card management, as well as standalone modules catering to credit-based programs such as origination systems, loan collection systems, and co-lending management systems.

Essentially, Vegapay functions as a technology service provider (TSP) for financial institutions, offering them a range of tech solutions.

The TSP segment within the broader fintech ecosystem has been gaining traction among investors. Vaas Bhaskar, a Principal at Elevation Capital, expressed confidence in the potential of TSPs, suggesting that success in India could pave the way for global expansion. He noted that recent investments by their firm reflected a balanced interest in both TSPs and other models.

Vegapay, a fintech firm focused on business-to-business (B2B) transactions, recently secured $5.5 million in funding during its seed round, with Elevation Capital and Eximius Ventures among the participating investors. The company announced plans to allocate the raised capital towards expanding its product and technology teams, as well as investing in operational and compliance necessities. Gaurav Mittal, the CEO of Vegapay, explained during a conversation with Business Standard that their intention is to promptly onboard additional engineering and technical personnel, with ongoing recruitment as needed. He emphasized the allocation of funds towards team development, operations, and regulatory compliance, particularly given the nature of their banking products. Previously, in 2023, Vegapay had secured $1.1 million in a pre-seed funding round led by Eximius Ventures. Other contributors included DS P HMK, Capri Global, Upsparks Capital, MGA Ventures, and Climber Capital. Vegapay specializes in offering digital lending and credit card management solutions to various financial institutions, including banks, non-banking financial companies (NBFCs), and fintech companies. Their services encompass automated solutions such as card management systems, UPI-based credit lines, UPI-based credit card management, as well as standalone modules catering to credit-based programs such as origination systems, loan collection systems, and co-lending management systems. Essentially, Vegapay functions as a technology service provider (TSP) for financial institutions, offering them a range of tech solutions. The TSP segment within the broader fintech ecosystem has been gaining traction among investors. Vaas Bhaskar, a Principal at Elevation Capital, expressed confidence in the potential of TSPs, suggesting that success in India could pave the way for global expansion. He noted that recent investments by their firm reflected a balanced interest in both TSPs and other models.

Next Story
Real Estate

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

Next Story
Real Estate

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

Next Story
Infrastructure Urban

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement