Mumbai-based SaaS tool Drona Pay has raised $500K in a seed round from Varanium Capital, Credit Saison and from fintech veterans including Kunal Shah, Jitendra Gupta, Amrish Rau and a few others.
The seed round will expand the technical and product team as the platform is witnessing traction from fin-techs and banks of India along with boosting up its go-to-market strategies.
Founded in 2021 by Satish Kashyap, Pallavi Narvekar and Sukhdev Sinh Zala, Drona Pay delivers real-time protection using ml & proprietary data sets, to defend institutions against ever-increasing frauds in payments and lending. The platform protects BNPL, UPI, credit card & debit card transactions from frauds, scams, collusion and delinquency.
The company promises to reduce delinquency in BNPL transactions in 30 milliseconds along with a reduction of bust off and merchant fraud.
With the growth of digital transactions(4.2 billion UPI transactions in October 2021), there is an increased focus of fraudsters in this space and this is where tools like Drona Pay can play a significant role.