Skydo raises $5m in Pre-series A round led by Elevation Capital

By Gloria Mathias

Skydo, India’s cross-border payments platform for enterprises, MSMEs and freelancers, has secured $5 million in a pre-Series A funding round led by existing investor Elevation Capital.

Skydo will utilize these funds to expand internationally and seamlessly supercharge global payments for MSMEs, Enterprises and freelancers engaged in international business. In 2022, Skydo raised $5.2 million in a seed round from Elevation Capital.

Cross-border payment solutions face two significant challenges: high transaction costs and long settlement durations. To transform this landscape for India’s SMB exporters, Skydo offers a unique transparent flat-fee pricing model that provides real-time currency exchange rates, no processing fees and zero FX markup costs.

Skydo’s platform is powered by technology that seamlessly connects 6 global banks and multiple international payment systems. This enables customers to collect payments in 32 currencies from key markets such as the US, UK, Canada, Europe, Singapore, and the UAE, which account for 80-90% of remittance inflows into India.

“We are excited to build Skydo at a time when India’s manufacturing and service exports are growing at an unprecedented rate and help small businesses scale globally. As India targets $2 trillion in exports by 2030 and the gig economy continues to expand, we’re focused on making cross-border payments as cost-effective as possible,” said Srivatsan Sridhar, Co-Founder and CEO of Skydo.

“We are grateful for the continued belief of Elevation Capital in our mission to power India’s export growth through seamless cross-border payments. This investment will help us acquire payment licenses across geographies, expand internationally and enable customers to send and receive business payments across multiple countries,” Sridhar added.

Mridul Arora, Partner, Elevation Capital, said, “Skydo has demonstrated remarkable growth and a clear vision in transforming cross-border payments. Their innovative approach and commitment to transparency and efficiency are exactly what the market needs. We are confident that Skydo will drive significant improvements in how businesses handle international transactions and deliver unmatched value for SMBs and enterprises. We look forward to supporting them in their mission to streamline global financial operations and set new benchmarks in the payments sector.”