Cross Border Fintech Startup HiWiPay Nets $2 Mn From Unicorn India Ventures, Others

Cross border fintech platform HiWiPay has raised $2 Mn (around INR 17.4Cr)  in a seed funding round led by Unicorn India Ventures.

The round also saw participation from Dewang Neralla’s family office ,Jupiter Metaverse LLP, along with a host of angel investors, including Ritesh Malik, Mitesh Shah and Nilesh Doshi among others.

The Mumbai-based company plans to use the fresh funding to expand and improve trade remittance business and scale up operations in the education remittances sector.

Founded in 2022 by Dewang Neralla, Geeta Chauhan, and Ujwal Tamminedi, HiWiPay manages cross border payments and financial transactions for individuals and businesses.

The platform specifically addresses the challenges commonly associated with cross border remittances, such as confusing exchange rates, high forex margins, and cumbersome documentation requirements. 

Over the past one year, the company claims to have partnered with over 500 consultants and expanded its operations to multiple cities across India, enhancing its workforce in these regions to boost sales growth.

“This investment fuels our commitment to innovation, enabling us to enhance our platform, expand our reach, and deliver a frictionless experience for students and businesses globally. We are grateful for the trust our investors have placed in us and look forward to driving the next phase of growth,” said  Neralla.

The company aims to reach $100 Mn in transaction volume in the next 12 to 18 months.

Besides, it claims to have developed a portal that allows exporters to effortlessly collect payments, ensuring all required documentation is provided.

The funding comes at a time when India’s fintech sector is experiencing growing interest from the investors, highlighting its potential for significant growth and innovation.

For instance, in January, fintech marketplace for home finance Ambak raised $7 Mn in a funding round combining seed and Pre-Series A infusions.

Similarly fintech startup Juspay is currently in talks to raise $150 Mn in a funding round to led by Kedaara Capital, along with participation from WestBridge and SoftBank. 

Similarly, Easebuzz is also in discussion to raise a fresh funding.

According to a report by Inc42, funding for the homegrown fintech ventures dropped by 19% in 2024, falling to $2.5 Bn, compared to $3.1 Bn raised in the same period of the previous year. 

Meanwhile,another report suggests that the Indian fintech market is expected to grow at over $2.1 Tn by the year 2030.