Vegapay has recently raised $1.1 million, in seed funding with Eximius Ventures leading the investment and receiving support from DSP HMK, Capri Global, and other investors. This digital lending and card management platform aims to bring about a transformation in the industry by offering tailored products and quickly entering the market. Under leadership, Vegapay has set a goal of achieving $1.5 trillion in assets, under management (AUM).
Vegapay fintech startup, a cutting-edge digital lending and card management platform, has successfully secured a notable $1.1 million in pre-seed funding. Spearheaded by Eximius Ventures, the funding round also featured the active participation of DSP HMK, Capri Global, Upsparks Capital, MGA Ventures, Climber Capital, and esteemed angel investors, including Arun Venkatachalam from the Murugappa Group, as well as Pratekk Agarwaal, who serves as the General Partner at GrowthCap Ventures.
In a strategic move, Vegapay has outlined its intention to allocate these funds toward the advancement of its technology. This initiative aims to facilitate seamless integration into both traditional and non-traditional institutions at the forefront of the financial landscape.
By doing so, Vegapay seeks to empower these institutions with the means to tailor their product offerings according to their unique preferences. The envisioned omnichannel lending solution holds the potential to revolutionize the industry by providing institutions the flexibility to curate an array of offerings, including co-lending, secured credit, and unsecured credit options.
Established in October 2022 by visionary minds Gaurav Mittal, Himanshu Agrawal, Puneet Sharma, and Abhinav Garg, Vegapay is diligently constructing a sophisticated lending technology framework alongside a robust card management system.
These innovations collectively empower both regulated entities and fintech enterprises to pioneer card and lending services throughout India. In a move that challenges conventional industry practices, Vegapay has the capability to drastically reduce the product launch timeline for banks and fintech players.
CEO Gaurav Mittal emphasized that their streamlined approach could shrink the typical launch time by an impressive 90%, allowing their partners to swiftly introduce new financial products to the market within a mere week.
With a resolute mission in mind, Gaurav Mittal affirms that Vegapay aspires to facilitate its partners in achieving an ambitious $1.5 trillion AUM (Assets Under Management). This grand ambition will be realized through the provision of tailor-made digital lending solutions delivered with unprecedented swiftness. The dedication to this mission underscores Vegapay’s commitment to reshaping the financial landscape and propelling its partners toward remarkable success.
