Vegapay, a fintech startup based in Gurgaon, India, has raised $1.1 million in pre-seed funding to develop its digital lending and card management platform. The round was led by Eximius Ventures, with participation from DSP HMK, Capri Global, Upsparks Capital, MGA Ventures, Climber Capital, Arun Venkatachalam (Murugappa Group), Pratekk Agarwaal (General Partner @ GrowthCap Ventures), and angel investors.
Vegapay 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 is building a tech stack and card management system that enables regulated entities and fintechs to issue and increase card and lending penetration in India.
Vegapay's platform is designed to be micro-service driven, which will allow issuers to integrate and issue lending products that can cater to the needs of different consumer cohorts. The company plans to use the funding to further develop its technology and expand its team.
The funding round was oversubscribed, which indicates strong investor interest in Vegapay's business model.
The company's founders have extensive experience in the fintech industry, which will be valuable as they scale the business.
