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Skydo

Category: AI in Fintech

An Indian fintech startup providing a global cross-border B2B payment platform with virtual foreign currency accounts designed to simplify and reduce costs of international business payments for Indian exporters, freelancers, and enterprises. Skydo was founded in 2022. The company is led by Srivatsan Sridhar. Based in Bengaluru, India. Team size: 77. Total funding raised: $20M+. Latest round: Series A ($10M, December 2025). Key investors include ["Susquehanna Asia Venture Capital","Elevation Capital","Eximius Ventures","Better Capital","Speciale Invest"].

Founded
2022
Headquarters
Bengaluru, India
Team size
77
Total funding
$20M+

Value proposition

Drastically reduced forex charges (zero FX markup, flat fees), quicker INR settlements (24-48 hours), seamless RBI-compliant payment workflows with instant automated FIRA issuance, real-time payment tracking, and multi-currency virtual bank accounts with transparent mid-market exchange rates

Products and solutions

["Virtual foreign currency accounts (USD, EUR, GBP, CAD)","End-to-end cross-border payment platform with invoicing support","Instant digital Foreign Inward Remittance Advice (FIRA)","Real-time payment tracking and settlement updates","Developer APIs for embedded payment capabilities","Card acceptance offering (InstaLinks)"]

Unique value

Laser focus on India-specific cross-border payment challenges including complex RBI compliance, GST documentation, high forex markup costs, and slow settlements, providing a one-stop solution combining transparent pricing, automated compliance paperwork, and multi-currency local-collection accounts tailored for Indian businesses

Target customer

Indian MSMEs, service exporters, SaaS companies, startups, freelancers, and enterprises involved in cross-border commerce

Industries served

["Financial Services","Export-oriented SMEs","SaaS Companies","Digital Service Providers","Freelancers and Startups"]

Technology advantage

Proprietary platform enabling virtual foreign accounts with real-time INR settlement, integrated payment and compliance workflows (FIRA, GST) with real-time tracking, developer-focused APIs for embedded payments, zero forex markup with live interbank rates, and faster settlement cycles that significantly reduce costs and working capital blockage

How they differentiate

Zero forex markup with live interbank rates, instant automated FIRA generation, India-specific compliance (RBI PA-CB framework), and faster 24-48 hour INR settlements

Main competitors

["Razorpay","Wise","Payoneer","XFlow","Winvesta","Salt"]

Key partnerships

["HDFC Bank (India) for payment infrastructure","DBS Bank (Singapore) for foreign currency conversion","Currency Cloud (VISA company) for global payment rails","RBI PA-CB regulatory framework compliance","Veem for seamless USD collections (Instalinks)"]

Notable customers

["30,000+ Indian MSMEs","SaaS companies","Freelancers","Service exporters","Startups across 50+ cities"]

Major milestones

["Secured RBI in-principle PA-CB authorization (January 2025)","Raised $10M Series A led by Susquehanna Asia Venture Capital (December 2025)","Pre-Series A funding of $5M led by Elevation Capital (August 2024)","Seed funding of $5M led by Elevation Capital (June 2022)","4X company growth in past year","Serving 30,000+ customers","Processing $300M+ USD in payments"]

Growth metrics

4X growth in past year, serving 30,000+ businesses and freelancers, processing payments from 150+ countries, targeting $5 billion in annualized payment volume within 2 years

Market positioning

India-focused cross-border payments challenger targeting underserved MSMEs and exporters with cost-transparent, compliance-first solution

Geographic focus

India (primary market) with global payment corridors (USD, EUR, GBP, CAD) for Indian businesses receiving international payments

Patents and IP

No publicly available information on patents or proprietary IP filings as of latest update

About Srivatsan Sridhar

Previously held leadership roles at McKinsey, Rupeek (Chief Business Officer), and Ola (various business roles). Also managed his family's automotive export business, giving him firsthand experience with cross-border payment challenges.

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