Skydo, a Bengaluru-based cross-border payments startup, has secured $5 million in a pre-Series A funding round led by Elevation Capital. This investment marks another significant milestone for the company as it continues to expand its services for enterprises, MSMEs, and freelancers.
Key Highlights
- Funding Round: The $5 million pre-Series A round was led by Elevation Capital, which had previously invested in Skydo during its seed round in 2022. At that time, Skydo raised $5.2 million, also led by Elevation Capital.
- Company Growth: Co-founder Movin Jain announced that Skydo has experienced a 10x growth over the past year. He emphasized that the company aims to empower exporters and enterprises to operate globally without the hassle of chasing payments or managing compliance. Skydo’s goal is to process $750 million by 2025.
- Founders and Vision: Skydo was founded in 2022 by Srivatsan Sridhar, former head of business at OLA, and Movin Jain, former head of payments product at PhonePe. The company focuses on providing seamless international payment solutions for businesses, helping them navigate the complexities of cross-border transactions.
Future Plans
Skydo is currently awaiting approval from the Reserve Bank of India (RBI) for a cross-border payment aggregator (PA-CB) license. This approval will further enhance Skydo’s ability to facilitate international payments and expand its reach in the global market.