Fintech startup Zenda has raised a $9.4 million oversubscribed seed round with participation from STV, COTU, Global Founders Capital, and VentureSouq.
The funds will be used for product development and market expansion in India, the company said in a press release.
Founded in June 2021 by Raman Thiagarajan and Haseeb Ahmed, Zenda provides school fee payment services to students’ families.
The Bengaluru–Dubai-based firm claims to have witnessed a user base growth of 20X since June 2021 and crossed the $100 million in annual contracted total payments volume (TPV) by Q4 2021, across both markets (as a facilitator of payments though, its share in this volume is likely a fraction of this).
With more than 40 team members now, and 2/3rds in India, the team operates out of Bengaluru, Kochi, Delhi and Dubai.
