PayVEDA

PayVEDA, operating under the legal name Indartu Technologies Private Limited, is a fintech company founded in 2019 by Prateek Vohra and Mayur Maed. Based in Noida, India, the firm positions itself as a crucial link to financial services for the country's underserved and rural populations. The company's core mission is to bridge the financial gap by establishing a widespread retail network that delivers both banking and non-banking services to remote areas.

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.

Keywords: financial inclusion, rural fintech, agent banking, Aadhaar Enabled Payment System, AEPS, money transfer, bill payment, microloans, digital payments India, retail network, last-mile banking, underserved markets, fintech solutions, B2B2C, payment solutions, insurance services, travel booking, PAN card services, rural empowerment