Rural fintech startup PayVEDA raises $11.5 M from SphitiCap

Noida-based fintech startup PayVEDA has raised USD 11.5 million in a Series A funding round from SphitiCap. Founded by Prateek Vohra, the startup aims to take banking and non-banking fintech services to rural India and create employment for rural youth in locations that are often overlooked. It has built a network of over 80,000 merchants and aims to reach 50 lakh merchants in the next four years.