The digital lending and card management platform, Vegapay raised $1.1M in pre-seed funding.
Eximius Ventures led the round, which also included DSP HMK, Capri Global, Upsparks Capital, MGA Ventures, Climber Capital, Arun Venkatachalam (Murugappa Group), Pratekk Agarwaal (General Partner @ GrowthCap Ventures), and angel investors.
The company plans to use the funds to develop its technology further so that institutions and non-institutions can adopt it more easily on the front lines.
Vegapay is developing a tech stack and card management system that will allow regulated entities and fintechs to issue and further increase card and lending penetration in India. It was co-founded in October 2022 by Gaurav Mittal (Ex-Zeta), Himanshu Agrawal (Ex-Amazon), Puneet Sharma (Ex-BharatPe), and Abhinav Garg (Ex-Podeum).
The company wants to build a micro service-driven stack for card and lending issuance that will allow issuers to integrate and issue lending products that meet different consumer cohorts’ needs.
“Banks and fintech players take months to launch new financial products like credit cards and lending offerings. However, we can help them reduce the time taken to bring products to the market by 90%. This would enable our partners to launch their products in just one week,” said Gaurav Mittal, Co-founder and CEO of Vegapay.
“Our mission is to assist our partners in achieving the $1.5 trillion AUM by providing customised digital lending solutions at an unprecedented speed,” added Mittal.