PeLocal, a payment solutions provider within Whatsapp, has raised $2 million in its seed funding round led by Unicorn India Ventures.
The funds raised will be used to expand and enhance the platform, also to accelerate go-to-market strategies for rolling out large-scale projects.
In the last 12 months, PeLocal has grown from 500K monthly payment transactions to 3 million monthly payment transactions. The company aims to touch 10 million monthly payments transactions on WhatsApp in the next 12 months. PeLocal will also be launching a Marketing Catalogue on WhatsApp with Payments and SMB payments platform on WhatsApp.
Vivekanand Tripathi Founder & CEO, PeLocal, said, “PeLocal is thrilled to be backed by Unicorn India Ventures. The deep expertise and strategic insights of Unicorn’s leadership, as they have backed several high performing fintech startups, will be invaluable as we continue to build on our growth momentum. This is our maiden institutional funding and we believe it is a crucial step in the right direction, providing the support and guidance needed to fuel our continued expansion and success.”
Commenting on the investment, Anil Joshi, Managing Partner, Unicorn India Ventures, said, “India is undoubtedly amongst the fastest growing fintech markets in the world, driven by the rapid adoption of digital technologies. While the digital payment solutions are growing, there is still a need for a unique and simple digital payment solution for micropayments on the fly, which is what PeLocal is enabling through WhatsApp platform and enabling seamless experience for consumers and service providers. As we have a strong track record of investing in the fintech segment, we believe PeLocal will continue to sustain its momentum and also scale further with its innovative solutions and strengthen its leadership position in this space. PeLocal has seen 3X yearly growth rate in the last 24 months and will be launching new solutions. Hence, we believe the market opportunity is huge and the company has built the right momentum to capitalise on this segment.”
Founded in 2021 by Vivekanand Tripathi (Founder & CEO), PeLocal offers secure, end-to-end solutions leveraging communication channels. PeLocal leverages technologies like WhatsApp for seamless, secure, and customer-centric transactions.
PeLocal has deployed the integration of WhatsApp for seamless transactions for clients like Delhi Metro, Indraprastha Gas, and Mahanagar Gas, and is also trusted by multiple insurance companies for handling premium payments.
