Mylapay Secures Rs 4.6 Crore In Seed Funding Led By CDM Capital To Expand Operations

Fintech start-up Mylapay raised Rs 4.6 crore ($550K) in a seed round led by venture capital firm CDM Capital. The round also witnessed participation from Singapore-based Saison Capital (Credit Saison's Venture Capital arm) and 77 Capital (led by Fitech Veteran Amit Goel) to propel Mylapay to new heights.  

Founded in 2019 by Mohanraj Ravi, Santhanakumar Dhanabalakrishnan, and Sundar Balasubramanian, Mylapay is addressing the critical challenges in the acquiring payment industry, such as high transaction failure rates and the intricacies of complex payment operations.   

The fund will be used to enhance cloud-based infrastructure by elevating it to an advanced security standard and strategically expanding the scope of its business operations, The company said in a statement. 

Mylapay has shown remarkable progress over the past three years, with an impressive 70 per cent growth in FY 2023, and a sustained EBIDTA positive performance for two years running, it added.  

The start-up has expanded its reach by securing key partnerships with many of India's largest payment aggregators and gateways and has taken its first steps into the international market with a UAE-based client, the statement added.    

The company has recently obtained approval from EMVCo for its EMV 3-D Secure Server Product, called 'Mylapay Secure'. featuring the latest version 2.3.1, for global online payment authentication, it added.    

“The founding vision of Mylapay is to evolve its product platform into an all-encompassing cloud-based tech ecosystem, empowering Payment Aggregators and Banks across the globe with a comprehensive suite of payment processing capabilities, facilitated by a simplified API connection. Despite the entrenched legacy systems, Mylapay's superior product capabilities and the core team's extensive domain expertise are expected to foster market trust and enable the company to supplant outdated processing systems,” said Mohanraj Ravi, co-founder and CEO of Mylapay.

Davesh Manocha founder and managing partner of CDM Capital added, “The traditional payment processing systems are undergoing significant changes to adapt to the evolving ecosystem. The Mylapay platform is playing a key role in this transition, with several major payment players already partnering with them. CDM Capital is excited to collaborate with the experienced team at Mylapay.”