Bus commuters focused fintech co PayCardo raises funding from Singapore's MaGEHold

Pune-based fintech startup PayCardo has raised funding in a pre-seed round led by Singapore-based angel investment firm MaGEHold Pte Ltd. The startup will use the funds for product development, hiring, and for piloting a proof of concept project. PayCardo aims to build a contactless payment solution focused on the daily bus commuters. The product would include a pre-paid smart card for commuters to pay the ticket fare, and a Smart POS that would be used for ticketing by the bus conductors.