Fintech business PeLocal successfully secures $5 million in a Series A funding round investment.
Pelocal, a fintech startup based in Chennai, has secured $5 million in a Series A funding round, led by UNLEASH Capital Partners and Unicorn India Ventures. Prominent angel investors also participated in the funding round.
Founded in 2019, Pelocal has been redefining how enterprises interact and transact with customers by embedding payments into conversational interfaces like WhatsApp. With an AI-powered payments orchestration platform, the startup aims to bring last-mile payments to the masses.
Pelocal's vision is to deliver world-class products at the intersection of payments, communication, and enterprise technology. The company has grown its total payment value sixfold since its last fundraise and operates at an annualized payment run rate of over $500 million. It currently serves over 5 million unique users each month.
The startup has been making strides in developing infrastructure solutions for banking, financial services, and insurance (BFSI) enterprises. Pelocal works with more than 40 enterprises across BFSI, transit, and utilities. Its platform allows enterprises to acquire, engage, and collect from customers within chat conversations.
Unicorn India Ventures has expressed continued support for Pelocal, having initially invested in the startup. UNLEASH Capital Partners is excited to back the Pelocal team on their journey. The company intends to execute its mission with the support of investors and plans to accelerate product development with the raised funds.
Pelocal also aims to expand existing use cases and strengthen go-to-market efforts. With the potential to scale globally, the startup is solving a large-scale problem for Indian businesses. The company's commitment to its vision is evident in its dedication to delivering innovative solutions and improving customer experiences.
As Pelocal continues to grow, it is poised to revolutionize the way enterprises interact with their customers, making transactions seamless and convenient for all parties involved.
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