[Funding alert] Fintech startup Safexpay raises $6M from T Choithrams BVI, Ardor
Safexpay, a four-year-old B2B fintech startup, on Thursday said it has raised $6 million (about Rs 44 crore) in funding from two investors at a valuation of $ 100 million.
The Mumbai-based company has raised $3 million from T Choithrams BVI, an Indian family now based overseas, and signed a definitive agreement to raise the remaining $3 million from Ardor Advisors, an American investor, its founder and director Ravi Gupta said.
The funds will be used for product development, improving technology for more use cases, and also product launches in India and abroad, he added.
The company provides white label payment gateways, white-label neo-banking platform, white label QR Code management tool, Payout API and customised payment solutions to banks and other financial sector participants.
Gupta said the company has a team of 100 people now, up from 40 in September 2020, and has been delivering profits for the last two years.
He reasoned that going to the people directly requires massive resources on spends like marketing and an ability to sustain losses as well.
The company is targeting to raise another round of funding in the next four months, with an infusion of up to $20 million, he said.
It is already in discussions with potential investors, he said, adding that it is targeting to raise the money at a valuation of $150 million.
This week, digital lending startup Kudos also raised an undisclosed amount in pre-Series A funding from marquee fintech founders and super angels to bring the best minds in the country to help build its full vision of enabling digital lending to reach millions of Indians across segments and geographies.
Kudos digital lending infrastructure includes everything from the capital, regulatory compliance, digital KYC, disbursements, collections, reconciliation, and all other aspects that are required for frictionless digital lending.
(Disclaimer: Additional background information has been added to this PTI copy for context)
Edited by Megha Reddy