Peter Thiel’s VC firm leads $20m round of Indian financing platform

India-based fintech firm Velocity has raised US$20 million in its latest round of funding.

More funding details

• Lead investor: Peter Thiel’s Valar Ventures
• Stage: Series A

More company updates

• Velocity will use the fresh funds to deploy over 1,000 crore rupees (US$134.4 million) into more than 1,000 ecommerce businesses.
• Launched in early 2020, the company has established its revenue-based financing business for ecommerce firms in India.
• Over the past year and a half, more than 1,500 direct-to-consumer and ecommerce businesses have signed up for Velocity’s revenue-based financing.
• The fintech firm has connected over 1,200 crore rupees (US$161.3 million) in fundable revenues to its platform and has processed over 250 investments for 175 companies.
• In March, the company secured US$10.3 million in a seed round led by Valar Ventures. Velocity said it has grown 10X since the raise. 

Currency converted from Indian rupees to US dollar: US$1 = 74.43 rupees.

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