Hiwipay Secures Seed Funding to Enhance Cross-Border Payment Solutions
Investment Overview
Hiwipay, a burgeoning fintech startup based in Mumbai, has successfully raised $2 million (approximately 17.4 crore INR) in a seed funding round led by Unicorn India Ventures. This significant financial backing aims to bolster Hiwipay’s capabilities in managing cross-border payments and financial transactions for both individuals and businesses.
Key Investors and Contributions
The funding round attracted contributions from various notable investors, including the Dewang Neralla family office and Jupiter Metaverse LLP. Prominent angel investors such as Ritesh Malik, Mitesh Shah, and Nilesh Doshi also participated, showcasing a strong belief in Hiwipay’s potential for growth and innovation in the fintech sector.
Expanding Operations Across India
Since its inception in 2022 by founders Dewang Neralla, Geeta Chauhan, and Ujwal Tammindi, Hiwipay has made significant strides in the Indian fintech landscape. The company claims to have established partnerships with over 500 experienced consultants and expanded its operational footprint into various cities across India. This strategic growth enhances Hiwipay’s workforce, providing the necessary resources to stimulate sales growth in diverse markets.
Tackling Cross-Border Payment Challenges
Hiwipay addresses the common pain points associated with cross-border transactions, including complicated exchange rates, high transaction fees, and extensive documentation requirements. By streamlining the process, Hiwipay aims to deliver a seamless experience for its users, making international financial transactions more accessible and efficient.
Future Endeavors and Growth Goals
With the new funding, Hiwipay plans to enhance and extend its commercial fund activities and expand its operations in the education funding sector. The company is ambitiously targeting a transaction volume of $100 million within the next 12 to 18 months, aiming to capture a larger share of the growing fintech market.
Innovative Solutions for Exporters
Additionally, Hiwipay is developing a user-friendly portal designed specifically for exporters, enabling them to receive payments effortlessly while ensuring all necessary documentation is provided. This innovation not only simplifies the payment process but also supports the overall efficiency of international trade.
Growing Interest in Indian Fintech
The recent funding comes at a pivotal moment, as the Indian fintech sector continues to attract significant investor interest, underscoring its vast growth potential. Despite a reported 19% decrease in funding for local fintech companies (dropping to $2.5 billion in 2024), market analysts predict that the Indian fintech landscape will surpass $2.1 trillion by 2030, indicating robust future opportunities.
Conclusion
As Hiwipay embarks on this new chapter, its commitment to innovative solutions in cross-border transactions positions it as a company to watch in the rapidly evolving fintech environment. With strong investor backing and a clear growth strategy, Hiwipay aims to redefine how individuals and businesses manage their international financial dealings.