SUMMARY
- PayGlocal gets an RBI online payments license and awaits cross-border approval.
- The company, funded by Tiger Global, reports major financial shifts and joins top payment firms.
- It secures RBI license for online payments and seeks cross-border approval amid financial changes.
The Reserve Bank of India (RBI) has granted the online payment aggregator license to PayGlocal, which is a payment startup backed by Peak XV. The firm has obtained a license to offer payment services to e-commerce retailers, joining the ranks of companies such as CCAvenue, Razorpay, and Cashfree.
In addition to focusing on international payments, the Prachi Dharani, Rohit Sukhija, and Yogesh Lokhande-led Payglocal have applied for a cross-border payments license. The central bank is now processing that application. The business anticipates that the RBI will issue this license in due course.
Since its founding, the firm has secured $17 million from VCs like Tiger Global, Peak XV, and QED. The online merchant payments industry is presently being regulated by the RBI. As of now, it has 37 licensed organizations.
The RBI has already granted operating licenses to four fintech functioning in the cross-border market: Cashfree, Adyen, BillDesk, and Amazon Pay.
For the financial year ending March 31, 2023, PayGlocal reported operating revenues ranging between INR 1 crore and 100 crore. The company experienced a significant decrease in EBITDA by -215.65% compared to the previous year. However, its book net worth saw a substantial increase of 258.68%. The capital structure includes an authorized share capital of INR 69.37 lakh and a paid-up capital of INR 60.19 lakh.
