Skydo has raised a fresh $10 million (₹89.8 crore) Series A round, led by Susquehanna Asia Venture Capital (SAVC) with participation from existing backer Elevation Capital. The Bengaluru‑based cross‑border payments startup will use this capital to expand globally, secure more licences, and deepen its product stack especially local‑currency collections in 20+ countries and its InstaLinks card‑acceptance product and APIs for SaaS, marketplaces and fintechs.
What Skydo does
Skydo is a cross‑border payments platform for Indian exporters, SMBs, freelancers and SaaS firms. It offers virtual local accounts in major markets so users can collect in 30+ currencies, convert at live FX rates with zero markup, and receive automatic FIRA/e‑BRC and compliance documents. Its InstaLinks product lets clients pay via cards or ACH using simple payment links, with funds typically settling in 24–48 hours and all RBI paperwork handled in‑app.
The company today serves tens of thousands of MSMEs and freelancers and says it is processing hundreds of millions of dollars in annual export flows, up several‑fold since 2024 as Indian services exports and remote work have surged.
Previous funding and regulatory milestones
Before this Series A, Skydo had already raised around $10–11 million:
- Seed / early round: Backed by Elevation Capital soon after launch, as part of its first institutional financing.
- Pre‑Series A (Aug 2024): $5 million led by Elevation Capital, used to scale product and lock in regulatory clearances.
On the regulatory front, Skydo has secured a key edge by obtaining the RBI’s Payment Aggregator – Cross Border (PA‑CB) approval, allowing it to formally aggregate online export/import transactions under India’s new cross‑border framework. It is also an approved Payment Service Provider for Amazon Global Selling and recently partnered with US‑based Veem to speed up USD collections for Indian exporters.
With the new $10‑million round, Skydo now has roughly $20+ million in total funding and a clearer path to becoming the “financial operating system for global commerce” for Indian SMEs that founder‑CEO Srivatsan Sridhar talks about combining licensed cross‑border rails, local‑currency accounts, card acceptance and embeddable APIs into a single, regulation‑first stack.
