nexopay Technologies Pvt Ltd, which operates the fintech app zenda has raised $9.4 million (around Rs 72 crore) in its seed round with participation from investors like Middle eastern venture capital companies, STV, COTU, VentureSouq and US-based Global Founders Capital.
zenda – a fintech app founded in 2021 enabling families to pay school fees with pay-now and pay-later options - said that it plans to deploy the fresh capital for product development and market expansion in India. Currently, the fintech startup operates out of Benglauru, Kochi, Delhi and Dubai.
Via the app, users can track dues and make payments through a multitude of options and unlock rewards for paying on time. zenda integrates with schools through its proprietary data model and APIs and eliminates last-mile reconciliation challenges and delays. Parents don’t need to provide deposit slips as proof of payment because all transactions on zenda happen in real-time.
“Over the past months in India we have built a pipeline of more than 1000 institutions and are immensely grateful for their trust. zenda schools are witnessing a systematic increase in their collections. We have a truly outstanding team and I feel privileged to have such a passionate group with us on this journey," said Thiagarajan.
According to the startup's statement, after its initial launch in UAE, zenda started its operations in Q3 2021 and has grown its user base 20 times since June 2021, crossing over $100 million in annual contracted total payment volume by Q4 2021 across both markets.
