Fintech platform Zenda has announced that it has raised seed capital surmounting to $9.4 million in seed funding. The round saw participation from investors from the Middle East like STV, COTU, VentureSouq, who have decided to invest in the company’s expansion plan along with US-based Global Founders Capital.
Nexopay Technologies Pvt Ltd, which operates the fintech app Zenda, was founded in 2021 by Raman Thiagarajan and Haseeb Ahmed, alumni of McKinsey & Company, with the aim to enable families to pay school fees with pay-now and pay-later options.
Ihsan Jawad, General Partner at STV said, “Raman, Haseeb and the team have identified a compelling gap in the market and in supporting families on a topic that is very important to them. Seeing their strong traction over the past several months, we couldn't be more excited about Zenda. India and the GCC are a USD 100+ billion market for private education fees. They have built an outstanding team and we look forward to working with them in helping Zenda achieve its mission.”
Via the app, users can track dues and make payments through a multitude of options and unlock rewards for paying on time. As per the system, parents don’t need to provide deposit slips as proof of payment because of the real time nature of Zenda’s transaction process.
“Over the past months in India we have built a pipeline of more than 1000 institutions and are immensely grateful for their trust. Zenda schools are witnessing a systematic increase in their collections. We have a truly outstanding team and I feel privileged to have such a passionate group with us on this journey," said CEO and Founder Raman Thiagarajan.
According to the startup's statement, after its initial launch in UAE, Zenda started its Indian operations in Q3 2021 and now manages more than 40 team members with 2/3rds in India.