Aditya Hadi Pratama · · 1 min readTiger Global, Sequoia co-lead Indian payment firm’s $12m round
PayGlocal, an India-based payment firm, has raised US$12 million in a series B funding round co-led by Tiger Global and Sequoia Capital India, with participation from Beenext.
Image credit: PayGlocal
Founded in 2021, PayGlocal allows merchants to accept and collect payments from customers outside India according to their preferred currencies and payment methods. Over 100 merchants in the country use its platform.
The startup is looking to leverage the rising demand for Indian goods and services. The country just hit a US$400 billion milestone in its exports market in the financial year 2021-2022, which exceeded pre-pandemic numbers.
PayGlocal was established by former Visa executives Prachi Dharani, Rohit Sukhija, and Yogesh Lokhande, along with former senior vice president of HDFC Bank Ruby Jain. It raised US$4.9 million in a series A funding round led by Sequoia Capital India in December last year.
The company plans to use the fresh funding to scale its cross-border payments solution, which includes allowing international merchants to receive payments from Indian customers. It also aims to double its employees from 50 to 100 by the end of this year.
See also: These are the most active investors in India’s startups
Other investors in this funding round include:
- Pine Labs CEO Amrish Rau
- Jupiter founder Jitendra Gupta
- White Venture Capital founder Sweta Rau
- Cred founder Kunal Shah
Editing by Miguel Cordon and Lorenzo Kyle Subido
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