Exclusive: Tiger Global leads Series B round in fintech platform PayGlocal

Fintech platform PayGlocal has raised $12 million in a Series B funding round led by Tiger Global with participation from Sequoia Capital India and BeeNext.

PayGlocal’s board has passed a special resolution to allot 16,510 Series B compulsory cumulative preference shares at issue price of Rs 56,315.73 per share to raise Rs 93 crore or $12 million, its regulatory filings with RoC show.

This is the second round of investment in the last six months for PayGlocal. The startup closed its Series A round worth $4.9 million led by Sequoia India with participation from BeeNext, Jitendra Gupta and Amrish Rau in December 2021.

In this round, Tiger has pumped Rs 46.3 crore followed by Sequoia and Beenext with Rs 33.01 crore and Rs 8.56 crore respectively. QED Innovation  and other individuals namely Amrish Rau, Sweta Rau, Jitendra Gupta and Ruby Jain have collectively invested Rs 5.1 crore.

As per Fintrackr’s estimates, the company has been valued at around $110 million or Rs 865 crore post allotment of Series B financing.

Founded by Prachi Dharani, Rohit Sukhija and Yogesh Lokhande, PayGlocal enables merchants to accept payments from global customers by offering end to end processing, risk management and a global stack for accepting payments. The Bengaluru-based startup accepts payments in over 100 currencies.

Like 2021, Tiger Global has been investing in Indian startups consistently but its strategy has lately shifted to Series A cheques and smaller rounds and this could be evident from the numbers. According to Fintrackr’s data, Tiger has invested in more than three dozen startups in 2021 which include one-third early-stage bets.

In June, Tiger backed B2B manufacturing and automation startup Groyyo, EV battery swapping network Battery Smart, and Slice which raised $50 million.