+
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
Building Material

Viva ACP Launches Experience Centre in Nashik

Viva ACP, one of Asia’s leading manufacturers of Metal Composite Panels (MCP), has unveiled a new state-of-the-art Experience Centre in Nashik. Situated at Plot No. 10, Kathe Industrial Estate, Tigrania Road, Dwarka, the centre aims to make Viva’s premium cladding solutions more accessible to architects, developers, and design professionals in Western India. The centre was formally inaugurated by Prakash Jain, Chairman and Managing Director, Viva Composite Panel, along with Nitin Jain and Mayank Jain, Directors at the company. Conceptualised as an interactive and immersive space,..

Next Story
Technology

Hikrobot Launches HDMI Video Micro System in India

India, July 2025: Hikrobot has introduced its HDMI Video Micro System in the Indian market, offering a plug-and-play imaging solution that combines 2K high-definition clarity, real-time streaming, and portability. The system is designed for professionals in sectors such as industrial inspection, medical research, forensic science, education, and precision manufacturing. Unlike traditional imaging setups that require external PCs and complex software, the Hikrobot HDMI Video Micro System provides direct output to an HDMI display, eliminating setup complications and improving usability.&nbs..

Next Story
Real Estate

Stone Wood Hotels Appoints Shishir Kumar Jena as CFO

Stone Wood Hotels & Resorts has announced the appointment of Shishir Kumar Jena as Chief Financial Officer. This key leadership move aligns with the boutique hospitality group’s ongoing national expansion. Shishir Kumar Jena brings over 32 years of experience in hospitality finance, having held senior positions with renowned brands such as Acron, Radisson, and Fortune Inn Exotica. His expertise spans financial strategy, operational efficiency, revenue optimisation, and aligning financial performance with guest satisfaction. Throughout his career, Jena has maintained a consisten..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?