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Payments startup Skydo secures $5 million in funding from Elevation Capital, others

Economic Times

Economic Times · 1y ago

Payments startup Skydo secures $5 million in funding from Elevation Capital, others

Cross-border payment startup Skydo has secured $5 million in an equity funding round led by Elevation Capital, with participation from angel investors. This follows the company's previous $5 million raise from Elevation Capital in 2022. Skydo currently assists small businesses and freelancers in accepting payments from outside of India but aims to expand its services to include domestic merchant payment solutions. With the funding, Skydo plans to increase its total payment volume and become a key player in the international payments market in India.

Related News

Skydo secures Rs 90 crore in fresh funding - The Economic Times

Economic Times

Economic Times · 16d ago

Skydo secures Rs 90 crore in fresh funding - The Economic Times

Skydo, a Bengaluru-based cross-border payments startup, has raised Rs 90 crore ($10 million) in a funding round led by US-based Susquehanna Investment Group, with participation from Elevation Capital and Eximus Ventures. The capital will support Skydo's expansion to the US and workforce growth. The 2022-founded company caters to over 30,000 Indian SMEs and freelancers and aims to achieve $5 billion in transaction volume within two years, focusing on both goods and software exports.

Sykdo Bags $5 Mn To Streamline Cross-Border Online Payments For Small Businesses

Inc42 · 1y ago

Sykdo Bags $5 Mn To Streamline Cross-Border Online Payments For Small Businesses

Skydo, a payment technology company, has raised an undisclosed amount in a funding round led by Elevation Capital. The round also saw participation from several angel investors. This marks the second equity investment for Skydo, following a $5 million raise in its first institutional round from Elevation Capital in 2022. The funding comes as the company awaits a payment aggregator cross-border license from the Reserve Bank of India (RBI).

How Skydo Is Disrupting Indian B2B Cross-Border Payments

Inc42 · 1y ago

How Skydo Is Disrupting Indian B2B Cross-Border Payments

Indian startup Skydo aims to streamline cross-border online transactions for small businesses. It allows Indian businesses to open international accounts with minimal KYC and KYB documentation, enabling them to make payments to vendors across geographies easily. Currently, Skydo works with 1,500 businesses and processes payments of $50 million annually. The startup, backed by investors Elevation Capital, Better Capital, and Eximius Ventures, has raised over $5.2 million and aims to reach a transaction volume of $750 million by March 2025. Skydo competes with other cross-border payment providers such as XFlow, PayGlocal, Winvesta, and Salt.

Skydo raises $10 Mn in Series A led by Susquehanna Asia VC

Entrackr

Entrackr · 16d ago

Skydo raises $10 Mn in Series A led by Susquehanna Asia VC

Bengaluru-based cross-border payments platform Skydo has raised $10 million in its Series A round led by Susquehanna Asia Venture Capital, with participation from existing investor Elevation Capital. Skydo has raised $19.7 million in equity funding so far, led by Elevation Capital, including a $5 million round in August last year. The new proceeds will be used to expand local collections across more than 20 new countries in Southeast Asia, the Middle East, Africa, and Latin America. Founded by Srivatsan Sridhar and Movin Jain, Skydo allows exporters to receive payments through local collections across multiple countries, along with flat-fee pricing, zero forex markups, and 24-hour settlement. The platform also automates compliance documentation such as FIRA and offers tools for invoicing, reminders, and accounting integration. Skydo currently serves over 30,000 MSMEs, freelancers, and startups across more than 50 cities. The platform processes transactions in over 32 currencies and was among the first companies to receive the Reserve Bank of India’s in-principle approval under the Payment Aggregator–Cross Border (PA-CB) framework. The company claims it has grown its payment volume fourfold over the past year and is now targeting $5 billion in annualized transaction volume within the next two years.

Elevation Capital-backed fintech Skydo plans new funding round

VCCircle

VCCircle · 11m ago

Elevation Capital-backed fintech Skydo plans new funding round

Fintech startup Skydo, backed by Elevation Capital, is preparing to raise a new funding round to enhance its growth. The company is advancing towards offering a cross-border payments service, with significant progress highlighted by a top executive. Based in Bengaluru, Skydo recently achieved a milestone by securing necessary permissions from the Reserve Bank of India, aligning with its strategic development goals. This funding will support its expansion and service enhancement efforts.

Cross-Border Payments Platform Skydo Raises $10Mn led by Susquehanna Asia VC to Power India’s USD 2Tn Export Ambition

StartupTalky

StartupTalky · 16d ago

Cross-Border Payments Platform Skydo Raises $10Mn led by Susquehanna Asia VC to Power India’s USD 2Tn Export Ambition

Skydo, an Indian cross-border payments platform, raised $10 million in Series A funding led by Susquehanna Asia Venture Capital, with Elevation Capital participating. Serving over 30,000 MSMEs across more than 50 Indian cities, Skydo processes payments in over 32 currencies. Aiming to facilitate India's $2 trillion export ambition by 2030, the platform offers zero forex fees, transparent pricing, and quick settlements, enhancing efficiency for Indian exporters. The funds will support global expansion and tech advancements.

Skydo secures RBI licence to offer cross-border payments

Economic Times

Economic Times · 11m ago

Skydo secures RBI licence to offer cross-border payments

Skydo Technologies, a Bengaluru-based cross-border payments company, has received in-principle approval from the Reserve Bank of India to operate as a Payment Aggregator-Cross Border entity. With this license, Skydo plans to expand its offerings, simplify cross-border payments for over 12,000 Indian exporters, and increase its payments volume significantly. Additionally, it has secured Payment Service Provider approval from Amazon, enhancing its services for exporters in Amazon's Global Selling program. The company aims to broaden its operations to include credit and treasury services.

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

VCCircle

VCCircle · 8m 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.

SUGAR Cosmetics to raise $4.5 mn from Anicut, Malabar

Inshorts · 1y ago

SUGAR Cosmetics to raise $4.5 mn from Anicut, Malabar

Mumbai-based D2C Sugar Cosmetics is set to raise $4.5 million in what seems to be a tranche of funding from a host of investors, including Anicut Equity Continuum Fund, Elevation Capital, Malabar Investment and L Catterton among others. As per Inc42’s calculations, the startup secured the fresh funding round at a valuation of ₹2,600-₹2,700 crore.

Sugar.fit secures additional $5M in Series A

Inshorts · 1y ago

Sugar.fit secures additional $5M in Series A

Healthtech startup Sugar.fit has secured an additional $5 million in Series A funding led by B Capital, bringing the total funding raised in the round to $16 million. Existing investors MassMutual Ventures, Tanglin Venture Partners, Endiya Partners, and Cure.Fit also participated in the round.

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