Bengaluru-based cross-border payments startup Skydo has raised $10 million (approximately ₹89.8 crore) in Series A funding led by Susquehanna Asia Venture Capital, with participation from existing investor Elevation Capital. This strategic capital injection positions Skydo to accelerate its mission of becoming the financial operating system for global commerce.
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Skydo Series A Funding: Deployment Strategy
| Focus Area | Details |
|---|---|
| Funding Amount | $10 million (₹89.8 crore) |
| Lead Investor | Susquehanna Asia Venture Capital |
| Existing Investor | Elevation Capital |
| Global Expansion | 20+ countries across LatAm, Africa, SEA, Middle East |
| Current Reach | 30,000+ MSMEs, 32+ currencies |
| Regulatory Status | RBI PA-CB licence holder |
Global Expansion and Product Roadmap
Skydo plans to deploy fresh capital toward expanding local currency collection solutions across more than 20 countries spanning Latin America, Africa, Southeast Asia, and the Middle East. The startup will simultaneously scale its InstaLinks card acceptance offering while launching advanced APIs designed for SaaS companies, marketplaces, and fintech platforms to embed Skydo’s global payment infrastructure.
Founded in 2022 by Srivatsan Sridhar and Movin Jain, Skydo addresses critical pain points faced by Indian exporters—compliance complexities, extended settlement times, and high forex markups. The platform enables MSMEs, freelancers, and startups to accept local payments from international clients with 24-hour settlement cycles.
Comprehensive Payment Infrastructure
Skydo’s suite automates compliance documentation including FIRA (Foreign Inward Remittance Advice) generation, while offering integrated invoicing, payment reminders, and accounting reconciliation. The platform currently serves over 30,000 Indian businesses across 50+ cities, processing payments in over 32 currencies.
Earlier this year, Skydo secured the Payment Aggregator-Cross Border (PA-CB) licence from the Reserve Bank of India, joining a select group of startups authorized to facilitate both inward and outward cross-border transactions. Recent recipients include Airpay Payment Services and unicorn Razorpay, signaling RBI’s push to formalize India’s rapidly growing cross-border payments ecosystem.
Market Opportunity and Competitive Landscape
With India targeting $2 trillion in combined goods and services exports by 2030, cross-border payments represents a critical infrastructure layer for economic growth. Traditional challenges—regulatory hurdles, forex volatility, and settlement delays—create significant friction for exporters.
CEO Srivatsan Sridhar emphasized the funding fuels their vision to build comprehensive financial operating systems encompassing collections, payouts, card acceptance, compliance automation, and accounting reconciliation—all essential components for global commerce participants.
The competitive landscape includes multiple startups recently securing RBI’s PA-CB authorization, reflecting both market validation and regulatory maturation in India’s cross-border payment infrastructure sector.
