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Funding · Financial Services

Vegapay in advanced talks for new funding round

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Date
Company
Vegapay
What it does
Digital lending and card infrastructure
Kind
Funding
Amount
$15-20M
Stage
Series A
Founded
2022
Sector
Financial Services

What they do

Vegapay provides a digital lending and card management platform that helps regulated entities and fintech companies issue various card programs and manage…

What happened

The company is currently in advanced discussions to raise between $15 million and $20 million in a new funding round led by Prosus

Why it matters

This potential investment would value the startup between $80 million and $100 million, marking significant growth from its $25 million valuation in 2024

The details

  • Vegapay is in advanced talks to secure a new funding round worth $15 million to $20 million.
  • The investment round is expected to be led by the global investor Prosus.
  • Existing backers including Elevation Capital, Eximius Ventures, and Vertex Ventures are also participating in the round.
  • The deal is projected to value the company between $80 million and $100 million.
  • This funding follows the company's earlier $5.5 million seed round led by Elevation Capital.

The bigger picture

  • The Indian fintech sector remains a highly active area for startup dealmaking with multiple deals currently taking shape.
  • This potential investment marks the third fintech bet by Prosus in the last month following deals with Navi and Bachatt.
  • Vegapay has raised approximately $11 million in total capital since its inception in 2022.

About the business

  • Vegapay creates technology that helps banks and fintechs issue cards and manage lending.
  • The platform supports credit, prepaid, forex, and debit card programs.
  • It integrates Credit Line on UPI and Credit Cards on UPI.
  • The company offers tools for loan origination, management, and collection.
  • It also provides a white-label app suite with rewards and back-office features.

The deal

Type
funding

Investors

  • Prosus (lead) — A global investment group and consumer internet company.
  • Elevation Capital (existing) — A venture capital firm focused on early-stage investments in India.

Founders

  • Gaurav Mittal, Co-founder
  • Himanshu Agrawal, Co-founder
  • Puneet Sharma, Co-founder
  • Abhinav Garg, Co-founder

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