Sequoia, Cred’s Kunal Shah, others invest $12 mn in fintech firm PayGlocal

By Shubhobrota Dev Roy

  • 19 Jun 2022
Credit: 123RF.com

Bengaluru-based cross-border payments startup PayGlocal has raised Series B funding of $12 million (around Rs 92 crore) co-led by Tiger Global and Sequoia Capital India. 

The round also saw participation from existing investors including BeeNext; Amrish Rau (CEO of PineLabs); Jitendra Gupta (Founder of Jupiter); Sweta Rau (Founder of White Ventures) and Kunal Shah (Founder of Cred). 

The startup plans to deploy the fresh proceeds to roll out new cross-border payments solutions to help global merchants receive payments from Indian consumers, as well as cross-border B2B solutions.  

The latest fundraise comes six months after PayGlocal secured $4.9 million in a Series A round led by Sequoia Capital India

Founded in 2021 by payment industry veterans Prachi Dharani, Rohit Sukhija, Yogesh Lokhande and Ruby Jain, PayGlocal enables merchants to accept and collect payments from customers outside India in the currency of their choice and using their own cards or non-card payment options.  

"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. We look forward to expanding our current team over 100 by the end of this year," said Prachi Dharani, Co-Founder and CEO, PayGlocal. 

"Indian merchants are engaged in over $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. We believe it will be able to cater to various segments of cross-border commerce over time. Sequoia Capital India is excited to strengthen the partnership with the team." 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.

Sequoia Capital India is a venture capital firm that invests in consumer, technology, and healthcare. The firm operates in Southeast Asia and India and actively partner with founders from a wide range of companies, across categories, including Byju’s, Carousell, Druva, Gojek, OYO Rooms, Tokopedia, Truecaller and Zomato, among others.

The Indian fintech market currently stands as the third largest fintech ecosystem in the world behind the US and China.  India’s fintech space has seen an exponential rise in funding over the last few years as investments worth more than $8 billion have already been witnessed across various stages of investment in 2021.