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Fintech startup Vegapay raises $5.5 Mn led by Elevation Capital

Entrackr

Entrackr · 1y ago

Fintech startup Vegapay raises $5.5 Mn led by Elevation Capital

Fintech startup Vegapay, a digital lending and card management platform, has raised $5.5 million in its seed round led by Elevation Capital with participation from Eximius Ventures. Earlier in August last year, the startup had raised $1.1 million in a pre-seed funding round led by Eximius Ventures. The proceeds will be used to build towards its mission to help banks, NBFCs, and other financial institutions launch and manage product innovations easily with hyper-configurable, flexible and customizable credit solutions. Founded by Gaurav Mittal, Himanshu Agrawal, Puneet Sharma and Abhinav Garg in 2022, Vegapay is building a lending tech stack and card management system that enables regulated entities as well as fintechs to issue and further increase card as well as lending penetration in India. Vegapay’s suite of products allows financial institutions to provide customisable products that meet their customer needs and elevate their suite of offerings. The startup aims to create an omni-channel lending solution, which will help institutions customise the type of product they choose to offer such as co-lending, secured credit, unsecured credit, and more.

Related News

Turno, four others secure early-stage funding

VCCircle

VCCircle · 1y ago

Turno, four others secure early-stage funding

Indian startups Turno, Vegapay, Fyllo, Gramiyaa, and TechEagle have all raised early-stage funding. Commercial electric vehicle startup Turno secured $6 million in an extended Series A funding round, while fintech startup Vegapay raised $5.5 million in a seed funding round led by Elevation Capital. Agritech startup Fyllo received $4 million in funding, cold-pressed oil maker Gramiyaa raised $1.1 million in equity and debt infusion, and drone logistics startup TechEagle secured an undisclosed amount of funding in a bridge round. Specific plans for the funds were detailed by each startup.

B2B fintech startup Vegapay raises $5.5 million from Elevation Capital

Economic Times

Economic Times · 1y ago

B2B fintech startup Vegapay raises $5.5 million from Elevation Capital

India-based fintech startup Vegapay has secured $5.5m in an equity funding round led by Elevation Capital, with participation from Eximius Ventures. The funds will be used to enhance Vegapay's product suite, focusing on product development and regulatory compliance. The company aims to help financial institutions streamline credit processes, offering an automated platform that includes card management systems and Unified Payments Interface on credit cards. Vegapay plans to expand internationally, projecting a $2m annual recurring revenue by December 2023 and aiming to have over 1 million cards in force by the end of next year.

Vegapay, a digital lending and card management platform, raises $1.1M in funding

IndianStartupNews

IndianStartupNews · 1y ago

Vegapay, a digital lending and card management platform, raises $1.1M in funding

Indian fintech startup Vegapay has raised $1.1 million in pre-seed funding to develop its digital lending and card management platform. Led by Eximius Ventures, the funding round includes participation from DSP HMK, Capri Global, and other investors. Vegapay aims to modernize card management technology by creating a micro service-driven card and lending issuance stack, enabling issuers to offer flexible lending products. With digital lending rapidly growing in India, Vegapay aims to assist partners in quickly launching customized digital lending solutions to tap into this expanding market.

SarvaGram In Talks With Peak XV, Apis Partners & Others To Raise $50 Mn Funding

Inc42 · 10m ago

SarvaGram In Talks With Peak XV, Apis Partners & Others To Raise $50 Mn Funding

SarvaGram, an Indian fintech startup, is currently in talks to raise a new funding round with a projected valuation of $170 million to $200 million. The round is expected to be led by venture capital firms Peak XV, Apis Partners, Beams Fintech Fund, and Creation Investments Capital Management LLC. In the previous year, SarvaGram successfully raised $35 million in a Series C funding round with participation from Elevar Equity, Elevation Capital, Temasek, and TVS Capital Funds.

Sprinto Raises $20 Mn From Accel, Others

Inc42 · 1y ago

Sprinto Raises $20 Mn From Accel, Others

RegTech startup Sprinto has raised $20 million in Series B funding led by Accel. The funding round also included participation from existing investors Elevation Capital and Blume Ventures. Sprinto, founded in 2020, provides enterprises with automation tools for risk and compliance requirements. The company plans to use the funding for research and development, focusing on intelligent automation and artificial intelligence, as well as expanding into new markets.

Peak XV Partners leads $40-mn Series B in Scapia

VCCircle

VCCircle · 3m ago

Peak XV Partners leads $40-mn Series B in Scapia

Scapia, a travel fintech startup focused on co-branded credit cards for Gen Z and millennials, raised $40 million in a Series B funding round led by Peak XV Partners, with backing from Elevation Capital and others. The funding will enhance product offerings, leverage AI, and foster growth. Scapia's credit card offers no fees, high rewards, and exclusive travel benefits. The startup previously raised $23 million in Series A and $9 million in seed funding.

Travel fintech startup Scapia raises $40 million from Peak XV, existing investors

Economic Times

Economic Times · 3m ago

Travel fintech startup Scapia raises $40 million from Peak XV, existing investors

Scapia, a travel-focused fintech startup, has raised $40 million in funding led by Peak XV Partners, with participation from Elevation Capital, Z47, and 3State Capital. Founded by Anil Goteti, the startup aims to capture young travel enthusiasts with its credit card offering. Following a temporary halt due to Federal Bank's regulatory issues, the company resumed operations and is focused on expanding its travel-centric financial products and customer base. Scapia offers benefits like no annual fees and travel-related perks.

Comet raises $5 Mn in Series A round

Entrackr

Entrackr · 1y ago

Comet raises $5 Mn in Series A round

D2C sneaker brand Comet has raised Rs 42.3 crore (approximately $5 million) in its Series A round led by Elevation Capital. This is the first round of investments for the Bengaluru-based company in 2024. The board at Comet has passed a special resolution to issue 10 equity and 50,076 Series A CCPS at an issue price of Rs 8,445 each to raise Rs 42.3 crore or $5 million, its regulatory filing accessed from the Registrar of Companies shows. Elevation Capital led the round with Rs 33.36 crore while existing investors Nexus Ventures and AngelList India participated with Rs 8.34 crore and Rs 60 lakhs respectively. The company will use these proceeds for capital expenditures, marketing, and general corporate purposes as per the business plan, the filing added. According to the startup data intelligence platform TheKredibe, Comet has been valued at around Rs 167 crore or $20 million post-allotment. The startup raised its seed capital in February last year. Following the fresh proceeds, Elevation Capital and Nexus Ventures will hold 20% each while AngelList India will command 2.22% of the capital in the company. Founded in July 2023, Comet is a homegrown, lifestyle sneaker brand for both men and women which sells its products through its website. Its current portfolio includes CometX, Aeon, and Slides. According to Comet, its TAM (total addressable market) is expected to be $22 billion while the company’s serviceable addressable market (SAM) is expected to be $1.5 billion by FY 2030. Comet competes with Wrong, HRX, Redtape, The Roadster, Campus, Sparx and other multinational footwear brands like Nike and Adidas.

Travel fintech Scapia raises $23 million in round led by Elevation Capital, Binny Bansal’s Three State Ventures, others

Economic Times

Economic Times · 1y ago

Travel fintech Scapia raises $23 million in round led by Elevation Capital, Binny Bansal’s Three State Ventures, others

Travel fintech Scapia has raised $23 million in a funding round led by Elevation Capital and Three State Ventures. The startup aims to provide financing options for the travel industry, including travel agencies and hotels. With this new funding, Scapia plans to expand its operations and further develop its technology platform to cater to the evolving needs of the travel sector.

Quick service app Snabbit raises $5.5 million from Elevation Capital, Nexus Venture Partners

Economic Times

Economic Times · 5m ago

Quick service app Snabbit raises $5.5 million from Elevation Capital, Nexus Venture Partners

Quick service app Snabbit raised $5.5 million in a Series A funding round led by Elevation Capital, with Nexus Venture Partners and prominent angel investors participating. The funds will be used for customer acquisition, expanding in Mumbai, and enhancing operational capabilities. Founded by Aayush Agarwal, Snabbit connects households with trained professionals for on-demand home tasks. The company operates with a full-stack model and aims to explore adjacent service categories like cooking and elderly care.

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