By Sudeshna Mitra
B2B fintech startup Vegapay has secured US$1.1 Mn in a pre-seed funding round led by Eximius Ventures with participation from DS P HMK, Capri Global, Upsparks Capital, MGA Ventures, and Climber Capital.
Angel investors, including Arun Venkatachalam of Murugappa Group, Pratekk Agarwaal of GrowthCap Ventures, among others, also participated in this round of funding.
Founded in 2022 by Gaurav Mittal, Himanshu Agrawal, Puneet Sharma and Abhinav Garg, the startup offers a B2B digital lending and credit card management platform. It aims to create a micro service-driven card and lending issuance stack that would enable issuers to seamlessly integrate and issue lending products that can cater to the unique needs of consumer cohorts.
The startup aims to use the funds for tech innovation. Vegapay’s vision is to liberate financial institutions and fintech enterprises from every technical barrier which hinders offering a lending solution.
Additionally, it also aims to create an omnichannel lending solution, which will help institutions customise the type of lending products (such as co-lending, secured credit, unsecured credit, and more).
Commenting on the startup’s goals, cofounder Mittal said, “The banks and the fintech players take months to launch new financial products like credit cards & lending offerings. However, we can help them reduce the time taken to bring products to the market by 90 per cent.”
He further added that the mission of Vegapay is to assist its partners in achieving the US$1.5 Tn AUM by providing customised digital lending solutions at an unprecedented speed.
According to Inc42’s State Of The Indian Fintech Report Q2 2023, the Indian fintech market is estimated to reach US$2.1 Tn by 2030, in which lendingtech is considered the most lucrative sub-segment.
Between 2014 and H1 2023, the Indian fintech startups secured a total of US$27 Bn funding.
In the Indian lendingtech space, Indifi bagged US$35 Mn in June this year, following Moneyboxx that secured US$2.9 Mn.
Some others startups that operate in the Indian lendingtech space and have raised funding this year are Unofin, Yellow Metal, etc.
