In a significant development for the fintech sector, Mylapay, a burgeoning startup founded in 2019, has successfully raised Rs 4.6 crore ($550K) in a seed funding round. The funding was spearheaded by CDM Capital, a prominent venture capital firm, with active participation from Saison Capital and 77 Capital, the latter led by Amit Goel. The infusion of capital is poised to accelerate Mylapay’s growth trajectory and fortify its position in the competitive fintech landscape.
Company Background
Founded by Mohanraj Ravi, Santhakumari Dhana Balakrishnan, and Sundar Balasubramanian, Mylapay has emerged as a dynamic player in the fintech arena. The startup specializes in empowering payment aggregators and banks globally by offering a comprehensive suite of payment processing capabilities. Mylapay’s distinctive approach revolves around providing simplified API connections, streamlining the payment processing experience for its clients.
Use of Proceeds
The newly acquired funds are earmarked for enhancing Mylapay’s cloud-based infrastructure, a strategic move aimed at fortifying the startup’s technological backbone. Additionally, the funding will be instrumental in fueling the strategic expansion of the company’s business operations. This forward-looking allocation reflects Mylapay’s commitment to staying at the forefront of technological advancements and widening its market presence.
Impressive Growth Trajectory
Mylapay has demonstrated remarkable progress since its inception, achieving a noteworthy 70% growth in the fiscal year 2023. What sets the fintech startup apart is its sustained positive performance in Earnings Before Interest, Taxes, Depreciation, and Amortization (EBIDTA) for two consecutive years. This financial stability underscores Mylapay’s robust business model and prudent financial management.
Global Reach and Key Partnerships
The fintech firm has strategically expanded its reach by forging pivotal partnerships with numerous payment aggregators and gateways. This collaborative approach not only solidifies Mylapay’s standing within the industry but also facilitates a seamless experience for its clients. Furthermore, the company has taken a significant step towards internationalization by acquiring a client in the United Arab Emirates (UAE), marking its entry into the global market.
Future Prospects
With the infusion of funds from the seed round, Mylapay is poised to scale new heights in the fintech domain. The emphasis on enhancing its cloud infrastructure aligns with the industry’s growing reliance on advanced technology. As the company continues to innovate and expand its footprint globally, Mylapay is well-positioned to be a disruptive force in the evolving landscape of payment processing and financial technology.
The successful seed funding round led by CDM Capital, with the support of Saison Capital and 77 Capital, marks a pivotal moment for Mylapay. The capital injection will empower the fintech startup to further strengthen its technological capabilities and broaden its business horizons. As Mylapay continues on its trajectory of growth and innovation, the company is set to play a significant role in shaping the future of fintech on a global scale.
