With the help of well-known angel investors, the fintech company Pelocal has raised $5 million in a Series A funding round led by UNLEASH Capital Partners and Unicorn India Ventures.
In October 2024, the Noida-based business raised $2 million in its initial funding round, which was led by Unicorn India Ventures.
According to a press release from Pelocal, the new funding will be used to advance go-to-market initiatives, extend current use cases, and speed up product development.
Pelocal’s AI-powered payments orchestration platform, which was co-founded in 2021 by Vivekanand Tripathi and Vikas Garg, allows big businesses to easily acquire, interact with, and collect from customers within WhatsApp. In India, there are more than 700 million active users of this OTT chat platform. By integrating payments straight into WhatsApp conversations, it supports use cases like ticketing, collections, customer acquisition, and servicing. Additionally, it is developing IT infrastructure products for BFSI businesses.
“Our vision is to bring last-mile payments to the masses via WhatsApp by leveraging AI and advanced technologies. This fundraise enables us to execute that mission, and we’re thrilled to have the support of investors who share our conviction,” said Vivekanand Tripathi, Founder & CEO, Pelocal.
According to Pelocal, it currently provides services to over 5 million unique users each month and serves over 40 large enterprises in the BFSI, transit, and utility sectors. The startup’s total payment value has increased sixfold since its last funding round, and it currently generates over $500 million in payments annually.
Over the following 18 to 24 months, the company wants to reach an ARR of $10 million.
