Fintech startup Vegapay raises $1.1 Mn in pre seed round

Fintech startup Vegapay, a digital lending and card management platform, has raised $1.1 million in a pre-seed funding round led by Eximius Ventures. 

DSP HMK, Capri Global, Upsparks Capital, MGA Ventures, Climber Capital, Arun Venkatachalam (Murugappa Group), Pratekk Agarwaal (General Partner at GrowthCap Ventures) and a host of angel investors also participated in the round.

Vegapay intends to use the funding to develop their technology further to make frontline adoption easier for institutions and non-institutions.

Co-founded in October 2022 by Gaurav Mittal (Ex-Zeta), Himanshu Agrawal (Ex-Amazon), Puneet Sharma (Ex-BharatPe) and Abhinav Garg (Ex-Podeum), Vegapay is building a lending tech stack and card management system that enables regulated entities as well as fintechs to issue and further increase card as well as lending penetration in India. 

The startup aims to create an omni-channel lending solution, which will help institutions customise the type of product they choose to offer such as co-lending, secured credit, unsecured credit, and more.

Eximius Ventures is a pre-seed stage fund based in Delhi NCR and Bengaluru. The firm invests up to $500k in the pre-product or early traction stage startups across fintech, healthtech, media, entertainment, and gaming.