Payment solutions company PayGlocal has raised $4.9 Mn in a Series A funding round led by Sequoia Capital India. Beenext, Jitendra Gupta and Amrish Rau also participated in the round.
Founded in 2021 by Prachi Dharani, Rohit Sukhija and Yogesh Lokhande, PayGlocal is a payments solution startup that caters to merchants who need to accept payments from customers residing outside India. The startup will use the freshly infused capital to grow its merchant and partner ecosystem and expand the team to scale up its product.
PayGlocal’s solution enables merchants to accept foreign credit and debit cards, and takes care of specific processing requirements and transaction risk management. The platform allows customers to pay through their local currency and allows merchants to process transactions in multiple currencies and improve conversion rates for cross-border transactions.
“Indian merchants are facing challenges in accepting payments from an exponentially growing global consumer base as the current payment solutions aren’t exactly designed to process their payments made via cards issued abroad,” said Prachi Dharani, cofounder and CEO of PayGlocal. “Our payment solution helps Indian merchants to collect payments from international customers through bank cards very seamlessly,” continued Dharani.
According to the startup, the platform’s smart transaction orchestration and routing engine employs appropriate interventions to enhance approvals and offers a central place for its merchants to check details related to their transactions.
“Moving money across borders is still broken, especially if one of the end points is an emerging market such as India,” said Ashish Agrawal, managing director at Sequoia India. “We believe that Prachi, Rohit and Yogesh are a great team attempting this problem given their past experience in payment processing. Sequoia Capital India is thrilled to be early partners in this journey,”
All three of the founders—Prachi Dharani, Rohit Sukhija and Yogesh Lokhande are ex-Visa employees.
With global economies becoming increasingly connected, there is a surging demand for secure, fast and efficient cross-border payments technologies. According to PwC, there was a 61% increase in international remittances over the last 12 months.