India Digest: Vegapay, DiFACTO Robotics raise funding

India Digest: Vegapay, DiFACTO Robotics raise funding

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B2B fintech startup Vegapay has raised $5.5 million in seed funding, while DiFACTO Robotics and Automation has raised about $4.8 million in its Series A round.

Elevation Capital leads $5.5m funding in Vegapay

B2B fintech startup Vegapay on Thursday announced that it has raised $5.5 million in its seed funding round led by Elevation Capital.

The financing also saw participation from Eximius Ventures, the startup said in a statement.

The funding proceeds will be utilised to enhance Vegapay’s product suite, focusing on product development and regulatory compliance updates. A significant portion of the funds will also be allocated to hiring top-tier developers, designers, and engineers, the statement added.

“Financial institutions’ demand for modern credit platforms is accelerating at an unprecedented scale — driven by customers seeking best-in-class experiences and products, numerous embedded credit partnerships, and new form factors like credit on UPI and compliance requirements. These modern systems will form the foundation of all innovations by banks and credit providers,” said Vaas Bhaskar, Principal, Elevation Capital.

Established in 2022 by Gaurav Mittal, Himanshu Agrawal, Puneet Sharma, and Abhinav Garg, Vegapay provides digital lending and credit card management solutions to meet the needs of financial institutions.

The company previously raised a pre-seed round of $1.1 million in 2023, led by Eximius Ventures and participation from DSP HMK, Capri Global, Upsparks Capital, MGA Ventures, and Climber Capital.

DiFACTO Robotics raises $4.8m from Stakeboat

DiFACTO Robotics and Automation, a robot automation solutions provider, said on Wednesday it has raised about $4.8 million (Rs 40 crore) in a Series A funding round from Stakeboat Capital.

The Bengaluru-based company will use the funding for business growth and to strengthen its market position, it said in a statement.

Established in 2007, DiFACTO operates across welding systems, material handling systems, foundry and machine tending systems, and fluid dispensing systems. It has three factories in Bengaluru, branches in Pune and Gurugram, and a wholly-owned subsidiary in Troy, Michigan, US.

The company claims to have delivered over 1,000 projects for 300 customers across 15 countries in industries such as automotive, aerospace, railways, construction machinery, food and pharma, foundries, energy industries, metal industries, electronics, and home appliances.

Edited by: Joymitra Rai

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