Lightspeed backs fintech startup floated by former Aspada, IndiaStack execs
11 April 2019 12:16 AM GMT
Venture capital firm Lightspeed India Partners has led a $3.5-million (Rs 24.5 crore) investment in Setu, a fintech application
- Venture capital firm Lightspeed India Partners has led a $3.5-million (Rs 24.5 crore) investment in Setu, a fintech application programming interface (API) infrastructure startup.
- Except for payments, banking infrastructure hasn't upgraded at the same pace," said co-founder Kini in the statement, "For India's economy to achieve its full potential, a wholesale redesign and API access to financial products is critical," he added.
- Last year saw some big ticket deals in the broader fintech space, including PolicyBazaar's $238-million cheque from SoftBank and others, LendingKart's $87-million round led by Fullerton, ClearTax's $54-million round led by Hong Kong-based Composite Capital, Digit Insurance and InstaReM's $45-million (each) cheques, and INDwealth's $30-million funding round from Hong Kong-based hedge fund Steadview Capital.
- Until then, it was investing out of its global fund although Lightspeed continues to make late-stage investments from that vehicle.
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