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Skydo raises $5 Mn led by Elevation Capital

EntrackrEntrackr · 1y ago
Skydo raises $5 Mn led by Elevation Capital
Medial

Skydo, a cross-border payments platform for enterprises, MSMEs and freelancers, has raised $5 million in its pre-Series A round led by existing backer Elevation Capital. Earlier in 2022, Skydo had raised $5.2 million in a seed round led by Elevation Capital. The new proceeds will be used to ramp up operations and continue to strengthen its risk monitoring and compliance, Skydo said in a press release. Founded in 2022 by Srivatsan Sridhar and Movin Jain, Skydo’s tech-led platform offers innovative services such as real-time tracking of cross-border payments, allowing customers to monitor the entire payment journey. It supports various payment methods, including payment links, cards, and bank transfers. The platform’s savings calculator provides freelancers and exporters with insights into the hidden costs of foreign transactions. Skydo currently processes payments for over 6,000 Indian SMB exporters and claims to have processed payments of over $100 million since its inception. It connects six global banks and multiple international payment systems seamlessly, enabling customers to collect payments in 32 currencies from key markets such as the US, UK, Canada, Europe, Singapore, and the UAE, which account for 80-90% of remittance inflows into India. Operating under the RBI’s OPGSP (Online Payment Gateway Service Provider) framework, which currently serves as the primary payment method for over 300,000 MSME exporters across India, Skydo has also applied for the Cross-Border Payment Aggregator (PA-CB) license from the RBI.

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

EntrackrEntrackr · 29d ago
Skydo raises $10 Mn in Series A led by Susquehanna Asia VC
Medial

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.

Comet raises $5 Mn in Series A round

EntrackrEntrackr · 1y ago
Comet raises $5 Mn in Series A round
Medial

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.

Exclusive: Elevation Capital to lead $5 Mn round in Rumik.ai

EntrackrEntrackr · 7m ago
Exclusive: Elevation Capital to lead $5 Mn round in Rumik.ai
Medial

Exclusive: Elevation Capital to lead $5 Mn round in Rumik.ai Rumik has developed Ira, an AI system built to analyze emotion, understand user intent, and converse in languages such as Hinglish, Bangla, and Marathi. Conversational AI platform Rumik.ai is raising a new round led by Elevation Capital with participation from existing investors, according to two people aware of the matter. "Rumik recently raised $1.5 million from Info Edge, and Elevation is now leading a fresh $5 million in a new round," said a person who requested anonymity, as the details of the deal aren’t public. Sources also indicated that Huddle Ventures and Info Edge invested in April and both are likely to participate in the new round as well. Incorporated in April 2024, Rumik AI focuses on providing its conversational AI platform to enterprises. It has developed Ira, an AI system built to analyze emotion, understand user intent, and converse in languages such as Hinglish, Bangla, and Marathi. The company emphasizes that Ira does more than just process data. It forms memories and experiences to develop human-like intelligence, aiming to bridge the gap between robotic responses and genuine understanding. “The term sheet has been signed, and the money is likely to move soon,” said a second source who requested anonymity. “Given the recent investor interest in conversational AI and speech recognition, Rumik may be targeting a valuation in the range of $25–30 million.” Queries sent to Elevation, Rumik, Info Edge and Huddle did not elicit a response by the time of publication. Last month, Elevation Capital led a $6 million seed funding round in Agentic AI startup Adopt AI, which also features a conversational AI interface that executes tasks using natural language. In December 2024, the venture capital firm appointed former Meta executive Krishna Mehra as a partner to lead investments in software-as-a-service (SaaS) and AI.

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