About Vegapay
Vegapay is a Financial Services company based in Mumbai (India) founded in 2022 by Puneet Sharma, Gaurav Mittal, Himanshu Agrawal, and Abhinav Garg. Banking infrastructure for credit cards and lending is provided. It operates on a API-as-a-Product and FinTech model. Vegapay has raised $10.59 million across 4 funding rounds from investors including LetsVenture, DSP Mutual Fund and Upsparks Capital. Vegapay was last valued at $21.98 million in May 2024. Its chief executive, as recorded, is Gaurav Mittal. Its Indian entity Vegapay Technology Private Limited reported revenue of ₹11.33 Cr. Vegapay offers products and services including Credit on UPI, Card Programs, Lending Tech, and Vegapay BizTech. Its focus areas include Technology, Financial Technology and Banking Solutions. Its competitors include Hyperface, Wibmo and 42 Card Solutions; 3 of its 3 listed competitors have raised funding.
Company details
Vegapay is engaged in developing technology solutions for the banking sector. Banking products are enabled through rapid deployment platforms, covering areas such as credit on UPI, card programs, lending technology, and business management tools. Innovative integration between UPI and credit systems is provided, alongside hyper-configurable card management systems and digitized loan processes. A comprehensive suite for back-office operations and loyalty programs is also offered. The company targets financial institutions seeking faster go-to-market strategies with cloud-native, API-first, and automation-driven solutions.
- Headquarters Mumbai, India
- Founders Puneet Sharma, Gaurav Mittal, Himanshu Agrawal, Abhinav Garg
- Stage Minicorn
- SectorsFinancial Services
- Email••••••••
- Phone•••• ••••
- Website vegapay.tech
- Social LinkedIn X
- Legal Name Vegapay Technology Pvt. Ltd.
- Date of Incorporation 17 Jun, 2022
- Jurisdiction Mumbai, Maharashtra, India
- Annual Revenue₹11.33 Cr
FY 2026 · +161% YoY
- Net Loss-₹18.73 Cr
FY 2026 · -165% margin
- EBITDA-₹18.14 Cr
FY 2026 · -160% margin
- Total Equity Funding$10.59M (USD)
in 4 rounds
- Latest Funding Round$3.96M (USD), Series A
Jul 2026
- InvestorsLetsVenture
& 13 more
Associated legal entities of Vegapay
Vegapay operates through Vegapay Technology Private Limited (active). Its filings, financials, charges and directors are on the company page.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2026) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Vegapay Technology Private Limited CIN U72900MH2022PTC384814 | Active | 17 Jun 2022 | Mumbai, Maharashtra | ₹11.3 Cr | 30 | 3 | View details |
Products & Services of Vegapay
Vegapay offers a comprehensive portfolio of products and services, including Credit on UPI, Card Programs, Lending Tech, and Vegapay BizTech.
Integration of UPI and credit is seamlessly provided.
Card management system is built for rapid deployment.
Loan processes are digitized with pre-integrated services offered.
Back-office and loyalty programs are comprehensively managed here.
Funding Insights of Vegapay
Vegapay has successfully raised a total of $10.59M across 4 strategic funding rounds. The most recent funding activity was a Series A round of $3.96 million completed in July 2026. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $10.59M
- Total Rounds 4
- Last Round Series A — $3.96M
- First Round $1.1M
(Dec 2022)
- Investors Count 14
All 4 funding rounds of Vegapay with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul 2026 | $3.96M | Series A | – | Vertex Ventures | |
| May 2024 | $5.5M | Series A | $21.98M | Elevation Capital | |
| Jun 2023 | $30,365 | Angel Round | – | – | – |
| Dec 2022 | $1.1M | Seed | $9.35M | Eximius Ventures, LetsVenture |
| Date | Valuation | Stage |
|---|---|---|
| May 2024 | $21.98M | •••••••• |
| Dec 2022 | $9.35M | •••••••• |
Last known valuation $21.98M (May 2024). 14 investors in total: 10 institutional and 4 angel.
Investors in Vegapay
Vegapay has secured backing from 14 investors, including venture fund, institutional, and angel investors. Prominent investors backing the company include LetsVenture, DSP Mutual Fund and Upsparks Capital.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Elevation Capital is focused on early-stage tech investments in India. | elevationcapital.com | Delhi, India | ||
Pre-seed startups are invested in by Eximius Ventures. | eximiusvc.com | Gurugram, India | ||
Investment in public and private markets in India, including equity, debt, and real estate. | 2021 | mgaventures.in | Mumbai, India | |
Micro venture capital fund focused on tech startups | 2020 | upsparks.vc | Bengaluru, India | |
Venture capital firm focused on seed and early-stage investments | climbercapital.in | Mumbai, India | ||
| vertexventures.sg | ||||
Online platform that connects startup founders with accredited investors, enabling early-stage fundraising and investment opportunities for private market growth | 2013 | letsventure.com | Bengaluru, India | |
Delivers comprehensive investment management services for funds. | 1996 | dspim.com | Mumbai, India | |
| growvegatechnology.tcc.mode | ||||
Diversified lending services are provided by this non-banking financial institution. | capriglobal.in | Mumbai, India |
Investor details for Vegapay
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
- Complete investor list
- Round participation
- Investor portfolios
- Co-investor network
Verified entity values are shown only after access is granted.
Board of directors of Vegapay Technology Private Limited (Vegapay)
Vegapay Technology Private Limited is the primary company behind Vegapay. The board of Vegapay Technology Private Limited currently have 3 directors; the longest-serving is Puneet Sharma, appointed in 2022. 7 earlier directors have ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Puneet Sharma DIN 06619419 | Director | 17 Jun 2022 | 4 yrs 4 mo | Vegapay Technology Private Limited |
| Gaurav Mittal DIN 09668135 | Director | 09 Jul 2022 | 4 yrs 3 mo | Vegapay Technology Private Limited |
| Himanshu Agrawal DIN 10277553 | Director | 14 Aug 2023 | 3 yrs 2 mo | Vegapay Technology Private Limited |
People of Vegapay
15 people are tracked at Vegapay (7 in leadership, 8 in team).
| Name | Role | Group |
|---|---|---|
| Co-Founder | Leadership | |
| Co-Founder & CEO | Leadership | |
| Co-Founder | Leadership | |
| Co-Founder | Leadership | |
Shreyansh Somvanshi | Director Of Product Management | Leadership |
Mithil Lakhupota | Director Client Sucess | Leadership |
Anirudh M | Technical Project Manager - Founder's Office | Leadership |
Rishabh S | Product | Team |
Amrita Nandy | Manager - Human Resources | Team |
Saptarshi Ratna | Product Manager | Team |
Manan Aggrawal | Strategy | Team |
Shubham Arora | Legal Advisor | Team |
Kshitij Saxena | Credit Cards | Team |
Akash N. | Product Manager | Team |
Nitish Kumar | Product Manager | Team |
Complete people profiles for Vegapay
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
- Full employee list
- Team structure
- Board tenure
- Professional contacts
Verified entity values are shown only after access is granted.
Financials of Vegapay
Figures of Vegapay Technology Private Limited, the primary company behind Vegapay, for FY 2026. Revenue was ₹11.33 Cr (+161% year on year). Net loss was -₹18.73 Cr (-165% margin). EBITDA was -₹18.14 Cr (-160% margin). Revenue has grown at a compounded annual rate of +431% over three years.
- ₹11.33 CrRevenue · FY 2026 · +161% YoY
- -₹18.73 CrNet loss · -165% margin
- -₹18.14 CrEBITDA · -160% margin
- ₹1.5 LakhPaid-up capital
- 30Employees (provident fund records)
- +431%Revenue CAGR, 3 years
Balance sheet, profit and loss, cash flow and ratios of Vegapay Technology Private Limited are on its company page.
Detailed financial statements for Vegapay
Statement rows, ratios, five-year trends and downloadable financials of the group companies require an active premium plan.
- Statement rows
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- Five-year trends
- Downloads
Verified entity values are shown only after access is granted.
Timeline of Vegapay
4 dated milestones of Vegapay across 4 years, from founding to its latest funding, stage changes and deals.
- Founded Vegapay is founded.
- Funding First funding round of $1.1M.
- Milestone Reaches Minicorn status.
- Funding Latest funding round, Series A, of $4.0M.
Competitors of Vegapay
Vegapay has 3 listed competitors in our database, 3 of them funded. They include Hyperface, Wibmo and 42 Card Solutions.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| hyperface.co | 2021 | Bengaluru, India | $10.3M | 91 | Provider of platform for launching and managing credit card programs | |
| wibmo.co | 1999 | Bengaluru, India | $2.58M | 588 | Digital payment solutions are provided to banks, merchants, and consumers. | |
| 42cards.com | 2020 | Bengaluru, India | $8.16M | 40 | Credit card solution provider for banks and other regulated financial institutions |
Detailed competitors of Vegapay
The full competitor set, operating metrics and side-by-side benchmarks require an active premium plan.
- Full competitor set
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Verified entity values are shown only after access is granted.
Web traffic of Vegapay
The website of Vegapay (vegapay.tech) receives about 5.8K visits a month.
- Monthly visits5.8K
▼ 25.1% vs previous month
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Related news about Vegapay
Complete news archive for Vegapay
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Frequently Asked Questions about Vegapay
Vegapay was founded in 2022.
Vegapay is headquartered in Mumbai, India. It is registered at Mumbai, Maharashtra, India.
Gaurav Mittal is the CEO of Vegapay, as recorded in our data. They have also founded this company.
Vegapay is a funded company, having raised a total of $10.59M across 4 funding rounds to date. The company's 1st funding round was a Seed of $1.1M, raised on Dec 2022.
The primary company behind Vegapay, Vegapay Technology Private Limited, reported revenue of ₹11.33 Cr for FY 2026, up 161% year on year.
Vegapay is engaged in developing technology solutions for the banking sector. Banking products are enabled through rapid deployment platforms, covering areas such as credit on UPI, card programs, lending technology, and business management tools. Innovative integration between UPI and credit systems is provided, alongside hyper-configurable card management systems and digitized loan processes. A comprehensive suite for back-office operations and loyalty programs is also offered. The company targets financial institutions seeking faster go-to-market strategies with cloud-native, API-first, and automation-driven solutions.
Vegapay's top competitors include Hyperface, Wibmo and 42 Card Solutions.
Vegapay offers Credit on UPI, Card Programs, Lending Tech, and Vegapay BizTech.
Vegapay has 14 investors. Key investors include LetsVenture, DSP Mutual Fund, Upsparks Capital, MGA Ventures, and Elevation Capital.
The valuation of Vegapay is $21.98M as of May 2024.
Vegapay operates through Vegapay Technology Private Limited.
The legal entities of Vegapay currently have 3 directors, including Himanshu Agrawal, Gaurav Mittal, Puneet Sharma.