Ex Swiggy CTO Dale Vaz Secures Funding For His New Startup From Accel, Elevation Capital

SUMMARY

Vaz has launched a new fintech startup, Aaritya Tech, which plans to cater to individual traders

He also mentioned that the angel allocation for the startup will be finalised and closed soon

Earlier in May, reports surfaced that Vaz raised $7 Mn-$10 Mn from Accel and Elevation Capital for his wealthtech startup

Former Swiggy chief technology officer (CTO) Dale Vaz has secured seed funding for his new fintech startup, Aaritya Tech, from Accel and Elevation Capital.

“I had the good fortune of working with Accel and Elevation Capital during my time at Swiggy, and I am excited to continue this partnership with Aaritya Tech,” Vaz said on Twitter.

However, the exact details of funding raised has not been disclosed at this time.

Vaz also revealed that the startup’s angel investment allocation will be finalised shortly, streamlining the VC-led part of the seed funding round. The Aaritya Tech team is currently composed of hand-picked experts in the field, and they are looking to expand, especially in growth, marketing, and engineering roles.

Earlier in May, reports surfaced that Vaz raised $7 Mn – $10 Mn from Accel and Elevation Capital for his wealthtech startup.

Vaz resigned from the role of CTO at Swiggy in April, following which the foodtech startup said that Madhusudan Rao will take over as the CTO.

Vaz, who is an alumni of Massachusetts Amherst, was promoted to the position of CTO at Swiggy in February 2020. He joined the foodtech unicorn in 2018 as the head of engineering and data science.

Aaritya Tech plans to cater to individual traders. With over 40 years of collective trading experience and more than 30 years of product development expertise, Aaritya Tech wants to offer unique trading advantages tailored to specific needs.

The Indian investment tech industry is estimated to rise to $74 Bn by 2030, growing at a compound annual growth rate (CAGR) of 30% from $9.2 Bn in 2022, according to Inc42’s State Of Indian Fintech Report Q2 2023.

In recent months, several top executives from both startups and major corporates have started new entrepreneurial journeys. For instance, the former CEO of Nazara Technology, Manish Agarwal, launched a new Web3 gaming venture called Kratos Studios earlier this year. Additionally, former executives from BharatPe, namely Nehul Malhotra, Rajat Jain, and Geetanshu Singla, came together to establish GenWise.