In a seed funding round headed by Unicorn India Ventures, the fintech startup PeLocal has raised $2 million.
The Chennai-based business had previously raised $1.06 million from Future Monk Investments and other investors in the same round.
According to a press release from PeLocal, the money raised will be utilized to improve and grow the platform as well as hasten go-to-market plans for major project launches.
PeLocal, a payment solutions provider within WhatsApp that was founded in 2021 by Vivekanand Tripathi, facilitates digital transactions for customers such as insurance companies, Delhi Metro, Indraprastha Gas, and Mahanagar Gas. The platform offers safe solutions for both the public and private sectors, with a focus on financial services, utility payments, and transit ticketing. It seeks to enable end-to-end, secure solutions by utilizing state-of-the-art communication channels.
For smooth, safe, and client-focused transactions, PeLocal hopes to use technologies like WhatsApp. Additionally, it creates a bridge between retailers and customers by imagining the concept of being “Vocal for Local.” The company intends to further solidify its dominant position in the payments solutions market by pursuing payments in WhatsApp with vigor.
According to PeLocal, the number of monthly payment transactions has increased from 500K to 3M in the past 12 months. Over the course of the next 12 months, the company wants to reach 10 million monthly WhatsApp payments. It intends to launch an SMB payments platform on WhatsApp as well as a marketing catalog with payments.
It faces competition from Yellow.ai, Gupshup, and other players in the market.
