Singapore-based fintech firm Volopay will invest USD 15 million (about Rs 113 crore) over the next 12 months to start operations in India, a senior startup official said on Wednesday. The company has raised USD 29 million from Winklevoss twins – Cameron and Tyler, a global decacorn and others to expand business overseas.
“We are currently active in Singapore and Australia. In the next six months, we are expanding our presence to four countries – India, Indonesia, the Philippines and Vietnam. In India, in the next 12 months time frame, we will be allocating USD 15 million worth of equity,” Volopay founding member Rohit Bhageria told PTI. After expansion in six countries, Volopay plans to venture into the Middle East.
The fintech firm provides payment management technology to companies having a headcount in the range of 20-700 employees.The company is planning to have a 100 member team in place by the end of March in its Bengaluru office for technology development, customer support and sales in India.
“We have already started hiring for the last 6-8 months. India will be our state-of-art technology development centre. It will deliver a scalable platform for our global operation. It will help us in customer support and back-end customer success function,” Bhageria said.He said that 40 people will be part of the product and engineering team.
“India and Indonesia will be contributing 60 per cent of our total revenue in the next 5-7 years. Since our seed round in September 2020, our revenue has grown 42 per cent month-on-month. Another matrix on which we gauge our performance is transactions that take place on our platform. It has been growing at the rate of 91 per cent month-on-month in the last 12 months,” Bhageria said.