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Fasal co-founders Shailendra Tiwari (L) and Ananda Verma
Pomelo Pay raises US$10M Series A for global expansion
Singapore- and UK-based digital payments company Pomelo Pay has raised US$10 million in a Series A round led by UK-based independent investment firm Inference Partners.
Pomelo Pay last raised a US$2.9 million seed investment led by Force Over Mass, which also invested in this round.
The investment will allow Pomelo Pay to expand its presence across global markets, including Europe and Asia, starting with plans to double its workforce in London, Singapore, Vietnam, Thailand and the Philippines.
Also Read: Telling the fortune of digital payments in 2021, CNY style
Launched in 2018, Pomelo Pay allows merchants to digitise their payment infrastructure and take payments from anyone, in any location (physical or digital), at near-zero costs. The company provides integration with over 30 payment networks globally.
Its payments platform is also used by leading banks and non-banking financial institutions (NBFIs) for a drastically improved acquiring experience, enabling them to offer the broadest suite of payment acceptance solutions to their end customers.
The company crossed US$500 million in total payments processed for 2021 and projects a growth of five times by 2022. The company has made several high-profile appointments recently, including Sonam Bhutia, former Commercial Director for Alipay in Southeast Asia, who joins as Chief Commercial Officer.
Pomelo Pay has 50 people across its headquarters in London and offices in Singapore and Vietnam.
Precision agri platform Fasal raises US$4M in pre Series A
India-based precision agriculture platform Fasal has raised US$4 million in pre-Series A round led by 3one4 Capital with participation from Genting Ventures (Malaysia) and existing investors Wavemaker Partners and Omnivore.
Other investors in this round include The Yield Lab Asia-Pacific, Antares Investments, and Sandeep Singhal of Nexus.
Fasal will use the funds raised in this round to expand their business across India and Southeast Asia, strengthen their full-stack services, and ramp up hiring for their sales and marketing, agronomy, and technology teams.
Fasal’s eco-friendly and affordable precision farming solution is disrupting the USD 42 billion progressive horticulture industry by ensuring maximum yield from small farms.
Based out of Bangalore, Fasal was founded in 2018 by Shailendra Tiwari and Ananda Verma. Shailendra is a production engineering graduate from NIFT, and Ananda studied computer science at IIIT Bengaluru. Both founders hail from Uttar Pradesh, where their families have been practising agriculture for many generations.
Fasal is a full-stack AI-powered IoT SaaS platform for progressive horticulture. Fasal delivers farm and crop-specific actionable insights to farmers in vernacular languages using on-farm sensors and scientific algorithms.
The platform is also working on new services, including F&V market linkages and parametric crop insurance.
To date, the startup has helped save more than 9 billion litres of water from irrigation, reduced pesticide expenditure by ~60 per cent, and increased yields across 40,000+ acres of farmland.
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