Safexpay raises USD 6 mn from T Choithrams BVI, Ardor
Safexpay, a four-year-old B2B fintech startup, on Thursday said it has raised USD 6 million (about Rs 44 crore) in funding from two investors at a valuation of USD 100 million.
The city-based company has raised USD 3 million from T Choithrams BVI, an Indian family now based overseas, and signed a definitive agreement to raise the remaining USD 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, 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 fundraising in the next four months, with an infusion of up to USD 20 million, he noted.
It is already in discussions with potential investors, he said, adding that it is targeting to raise the money at a valuation of USD 150 million.
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