Skydo Raises $10 Mn Series A to Build Global Payments Backbone for Indian Exporters

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

The funding will help Skydo scale its product suite and global footprint as India targets $2 trillion in exports by FY30.

Founded to simplify international payments for Indian businesses, Skydo currently serves more than 30,000 MSMEs, freelancers, and startups across 50+ cities, enabling transactions in over 32 currencies.

The company was among the first to receive the Reserve Bank of India’s in-principle approval under the Payment Aggregator–Cross Border (PA-CB) framework.

India’s exporters often lose between 3% and 7% of their revenue to hidden foreign exchange mark-ups, delayed settlements, and manual compliance processes.

Skydo positions itself as a financial operating system for exporters, allowing customers to collect payments locally from overseas clients with zero forex mark-ups, flat-fee pricing, and settlement within 24 hours.

The platform also automates compliance documentation such as FIRA and integrates invoicing, payment reminders, and accounting tools.

"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."

Skydo claims it grew 4X over the past year and is targeting $5 billion in annualized payment volume within the next two years.

“With this round, we aim to expand our global footprint and secure payment licences in key geographies,” said Movin Jain, co-founder of Skydo.

The new capital will be used to expand local collections across 20+ countries, secure global licenses, scale card acceptance, deepen compliance automation, and launch developer-first APIs to embed Skydo’s payment rails into SaaS platforms and marketplaces.

According to Bhavanipratap Rana, Investment Advisor to Susquehanna Asia VC, “India's evolving cross-border payment landscape, with the introduction of the new PA-CB framework, demands high-quality, focused players with a technological edge. Skydo’s focus on solving the real costs of cross-border transactions – opacity, time, compliance risk, and working capital blockage is a clear differentiator”.

Talking about the investment, 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."