- Two organisations in the online money transfer sector, Sequoia Capital India and Tiger Global, have co-led a $12m funding round for Indian payments company PayGlocal.
- PayGlocal was founded by ex-Visa employees Prachi Dharani, Rohit Sukhija and Yogesh Lokhande.
- “Indian merchants are engaged in over $400 billion of exports every year. Accepting international cards is important for their business,” said a spokesperson for Sequoia Capital India.
Tiger Global and Sequoia Capital India, two organisations in the online money transfer sector, have announced that they have contributed to a funding round for cross-border payments company PayGlocal.
The two companies are among a group of investors that also includes BeeNext.
PayGlocal was set up back in 2021 and is focused on allowing merchants to pick up payments from clients outside of India.
It also allows them to use their own currencies and payment methods.
So far, more than 100 companies in the nation use the service.
PayGlocal was set up by Prachi Dharani, Rohit Sukhija and Yogesh Lokhande, who all previously worked together at Visa.
The latest funding round comes after the company was given US$4.9m last year.
It is expected that it will use the latest funds to improve its cross-border payments offer and to hire more workers.
Dharani, who serves as chief executive officer and co-founder, spoke about the exciting prospects for the company.
“We are very excited with the response we have gotten so far and are committed to making continued investments in people and products to turbocharge our growth,” he said.
“We look forward to expanding our current team of 50+ to 100+ by the end of this year.”
For Sequoia Capital India, the managing director Ashish Agrawal explained why the deal matters for Indian sellers.
“Indian merchants are engaged in over $400 billion of exports every year. Accepting international cards is important for their business,” he said.
“PayGlocal has successfully solved for high success rates and fraud prevention for such cross-border transactions. We believe it will be able to cater to various segments of cross-border commerce over time.”
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