Total amount raised
$10.2 Millions
Latest funding date
8/1/2024
Location
Skydo has successfully raised $5 million in a pre-series A funding round led by Elevation Capital. The platform offers a comprehensive solution for receiving international business payments with features like zero FX margin, flat fees, and real-time payment tracking.
Keep reading to explore the intricacies of Skydo's fundraising journey and the investors backing this innovative platform.
What Is Skydo?
Skydo, founded in 2022, is an innovative online payment platform based in Bengaluru, Karnataka, India. The company was established by Movin Jain and focuses on facilitating international business payments with zero FX margin and flat fees.
Skydo's services include real-time payment tracking and instant Foreign Inward Remittance Advice (FIRA), making it easier for businesses to manage their international transactions. The platform also offers global bank accounts in multiple countries, ensuring seamless payment processes.
With a small but dedicated team of 1-10 employees, Skydo is committed to providing efficient and cost-effective solutions for receiving payments from overseas businesses.
How Much Funding Has Skydo Raised?
- Seed Round
- Amount Raised: $5.2M
- Date: June 2022
- Lead Investors: Elevation Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Establish and scale initial operations.
- Pre-Series A Round
- Amount Raised: $5M
- Date: August 2024
- Lead Investors: Elevation Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Expand services and obtain RBI's cross-border payment aggregator license.
Total Amount Raised: $10.2M. Current Valuation: Not publicly disclosed.
Key Investors
- Elevation Capital
- Details: Elevation Capital is a venture capital firm that has been a key investor in Skydo, leading both the seed and pre-series A funding rounds. The firm is known for its strong support of startups with high growth potential.
- Investment Focus Areas: Fintech, enterprise software, consumer internet.
- Notable Investments: Paytm, Swiggy, UrbanClap.
- Vijay Krishnan
- Details: Vijay Krishnan is an angel investor with a focus on early-stage startups. He has been involved in multiple successful ventures, providing both capital and strategic guidance.
- Investment Focus Areas: Technology, fintech, healthcare.
- Notable Investments: Not publicly disclosed.
- Angel Investors
- Details: A group of unnamed angel investors participated in Skydo's recent funding rounds. These investors typically provide early-stage capital and mentorship to startups.
- Investment Focus Areas: Various sectors, depending on individual investor interests.
- Notable Investments: Not publicly disclosed.
What's Next for Skydo?
Skydo is poised to capitalize on the burgeoning demand for cross-border payment solutions. With plans to expand into payouts from India and collaborate with larger companies, the platform aims to significantly increase its total payment volume. The potential to process $750 million by 2025 underscores the vast market opportunity ahead.
Future fundraising rounds are likely as Skydo seeks to scale its operations and secure additional licenses. However, the company must navigate regulatory hurdles and intense competition in the fintech space. Ensuring compliance and maintaining service quality will be crucial as Skydo continues its growth trajectory.
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