PeLocal Raises $2 Million Seed Funding Led by Unicorn India Ventures

PeLocal, an innovative payment solutions provider within WhatsApp, recently secured $2 million in seed funding, with Unicorn India Ventures leading the investment. The funds are set to accelerate PeLocal's growth and enhance its platform, facilitating the company’s ambitious plans to scale up its operations in India.

Since its inception in 2021, PeLocal has been making strides in revolutionizing payment solutions, particularly with the integration of WhatsApp for transactions. The company’s offerings span multiple sectors including urban travel, utility bill payments, and financial services, including insurance premium transactions. Over the last two years, PeLocal has experienced a rapid growth rate of 300%, and its user base has expanded significantly.

In the past year alone, PeLocal saw a remarkable surge in transaction volume, growing from 500K to 3 million monthly transactions. The company has set its sights on reaching 10 million transactions per month in the next year. As part of its ongoing expansion, PeLocal will also be launching a Marketing Catalogue on WhatsApp, along with a small and medium business (SMB) payments platform.

PeLocal’s vision is to become the top provider of WhatsApp-based ticketing across Indian states and organizations. The company aims to further promote the adoption of utility payments via WhatsApp, making everyday transactions even more seamless and accessible.

Founder and CEO Vivekanand Tripathi expressed excitement over the funding, noting that the backing from Unicorn India Ventures would provide crucial support as the company continues its growth journey. "PeLocal is thrilled to be supported by Unicorn India Ventures," said Tripathi. "Their strategic expertise will play a pivotal role in helping us accelerate our growth and scale our solutions to reach more users across India."

Unicorn India Ventures, a prominent venture fund, believes that PeLocal is well-positioned to capitalize on the growing fintech sector in India. Anil Joshi, Managing Partner of Unicorn India Ventures, highlighted that PeLocal’s simple yet innovative solution for micro-payments via WhatsApp is filling a gap in the market. "PeLocal's growth over the last 24 months shows the significant market opportunity," Joshi added.