Chennai-based fintech startup PeLocal announced it secured $2 million in a seed round led by Unicorn India Ventures.
Founded in 2021, PeLocal develops fintech software for small- to medium-sized businesses that enables companies to operate and process digital payments through WhatsApp, the encrypted messaging platform owned by Meta. The platform is used by several utility companies and provides an easy-to-use interface that accepts credit, debit and UPI payments.
Despite being known primarily as a communication platform, WhatsApp has many uses through its API integrations. Notably, many companies in India use it as a unifying platform to reach millions of users who may have limited access to other devices.
In a statement on LinkedIn, Unicorn India Ventures said: “We’re pleased to announce our latest investment in PeLocal, a fintech innovator enabling conversational commerce, last-mile payments and transforming customer experiences through WhatsApp-enabled solutions. We are committed to supporting companies that lead with innovation and impact.”
In addition to its WhatsApp commerce solutions, the Chennai-based startup has also developed an automated analytics platform and traditional digital payment solutions.
With the new funding, PeLocal plans to enhance its platform and invest in go-to-market strategies as the company scales, according to reporting from Indian Startup News.
