Global PayEX aims raising Series A funding in 2021
Tuesday - February 23, 2021 12:51 pm , Category : BUSINESS
New Delhi, Feb 23 (IANS) Global PayEx plans to raise Series A funding from strategic investors in the year ahead.Narayan Ramamoorthy, the Chief Revenue Officer of Global PayEX, the cloud-based accounts receivables and account payable management solution provider, said that the company also plans to grow its business both in the Indian and international markets in 2021."We had our initial funding from JP Morgan and from well know industry veterans like Jerry Rao and Jeroen Tas (MphasiS founders). We have raised a few million dollars as our seed funding round from these initial investors. We intend to raise a Series A round from strategic investors in 2021," he said.He noted that the company expects to continue its growth trajectory of 30-50 per cent quarter-on-quarter (QoQ) growth in revenues, and transactions. Currently, the startup has around 14,000 small and medium enterprises on its platform and the number is likely to grow significantly, Ramamoorthy said."Internationally, we are targeting multi-million dollar revenue in the coming year (FY2021-22). We are in advanced stages of contracting on a few deals and we hope to further increase the pipeline," he said.He noted that 2021 has begun well and the company continues to quarter on quarter growth of 40 per cent in terms of both dealer on boarding and transaction value and volumes.He said that the company is launching an Accounts Payable (AP) financing product which has capabilities like discounting, dynamic discounting, factoring and reverse factoring."We are also developing ecosystem specific solutions in certain segments like FMCG (seller) with modern trade retail chains (buyers)," he said.