PayVEDA

The business operates on a B2B2C model, onboarding local retailers and small shop owners as agents. These agents are equipped with a web and mobile app-based platform, transforming their shops into local financial hubs. Through this network, customers can access a variety of services, including Aadhaar Enabled Payment System (AEPS) for cash withdrawals, direct money transfers, and bill payments for utilities. PayVEDA generates revenue through commissions on these transactions, which are shared with their retail partners in real-time.

The service portfolio is extensive, encompassing not only basic payment solutions but also travel bookings for trains, buses, and flights, various insurance products like health, life, and vehicle coverage, and PAN card services. The platform also facilitates microloans, offering amounts between INR 5,000 and INR 40,000. A key achievement for the company was securing $11.5 million in a Series A funding round in October 2022, led by SphitiCap. This capital is intended to fuel business expansion, support strategic acquisitions, and advance the company's plans for a potential Initial Public Offering (IPO). Since its inception, PayVEDA has built a network of over 80,000 merchants and aims to expand this to five million within the next four years.