Skydo raises $10 million in funding to scale zero forex fees cross-border payments for Indian exporters

Skydo, the Bengaluru-based cross-border payments platform for Indian exporters, has raised $10 million in a Series A funding round led by Susquehanna Asia Venture Capital, with participation from existing investor Elevation Capital.

The startup, which claims to serve over 30,000 MSMEs, freelancers and startups across over 50 cities and processes payments in more than 32 currencies, is among the first entities to receive the Reserve Bank of India’s in-principle authorisation as a Payment Aggregator – Cross Border (PA-CB).

Skydo positions itself as a financial operating system for exporters. The platform enables local payment collection from clients in multiple countries, processes transactions at zero forex fees with transparent flat pricing, and offers 24-hour settlement.

It automatically generates compliance documents like FIRA, and provides a full suite of accounts receivable tools like invoicing, payment reminders and accounting integration.

With this round of funding, Skydo plans to scale its local collection network across more than 20 countries in Latin America, Africa, South East Asia and the Middle East.

The startup will also seek regulatory licences in priority international markets, build card acceptance infrastructure through its InstaLinks product, enhance its compliance and reconciliation suite and expand developer tools, including APIs and webhooks for SaaS companies, marketplaces and fintech platforms.

“Indian exporters are second to none in their global ambition. Skydo aims to enable them with world-class payment infrastructure built from India for the world,” said Srivatsan Sridhar, co-founder and CEO of Skydo.

“This funding fuels our mission to build the financial operating system for global commerce, from collections, payouts, card acceptance, compliance automation and accounting reconciliation,” he added.

Skydo claims to have grown fourfold in the past year and is targeting $5 billion in annualised payment volumes within two years.

“We’re demonstrating that India has the talent, compliance muscle and regulatory clarity to build global financial infrastructure from here, for the world,” said co-founder Movin Jain. He said the company plans to expand its global footprint and secure additional payment licences in key markets.

Bhavanipratap Rana, Investment Advisor to Susquehanna Asia Venture Capital, said the framework demands focused players with strong technology and risk systems.

“Skydo’s focus on solving the real costs of cross-border transactions – opacity, time, compliance risk and working capital blockage – is a clear differentiator,” he said.

Mridul Arora, Partner, Elevation Capital said, “Since partnering with Skydo at their inception, we have been incredibly impressed by the team’s speed, execution, and unwavering product focus. They have done a stellar job scaling the platform 4X in the last year alone, building what is truly a customer-centric international payments powerhouse.”