Dubai- and Bengaluru-based fintech startup Zenda has secured $9.4 million in an oversubscribed seed round with participation from STV, COTU, Global Founders Capital, and VentureSouq.
Founded in June 2021 by Raman Thiagarajan and Haseeb Ahmed, Zenda enables families to pay school fees with pay-now and pay-later options. The platform integrates with schools through its proprietary data model and APIs and claims to eliminate last-mile reconciliation challenges and delays.
The funds will be used for product development and market expansion in India, Zenda said in a statement.
After its initial launch in the UAE, Zenda initiated India entry and operations in Q3 2021. It has grown its user base 20x since June 2021 and crossed the $100 million in annual contracted TPV volume by Q4 2021, across both markets. The startup has 40 team members across Bangalore, Kochi, Delhi and Dubai.
INDIA DEAL MONITOR
Here are prominent venture capital transactions in India announced between April 20 and April 25, 2022.
