Mumbai-based cross-border payments platform HiWiPay has successfully raised $2 million in a seed funding round led by Unicorn India Ventures. The investment round also saw participation from co-founder Dewang Neralla’s family office, Jupiter Metaverse LLP, and angel investors including Dr. Ritesh Malik, Mitesh Shah, and Nilesh Doshi.
Key Details:
- Funding Amount: $2 million in seed funding.
- Lead Investor: Unicorn India Ventures.
- Other Participants: Dewang Neralla’s family office, Jupiter Metaverse LLP, Dr. Ritesh Malik, Mitesh Shah, and Nilesh Doshi.
- Primary Use of Funds: Expansion of trade remittance services and scaling operations in the education remittance sector.
- Future Plans: Launch of the HiWiPay Student App in the UK, expansion into European markets, introduction of co-branded forex cards, and other financial services tailored for students.
Founders' Background:
HiWiPay was co-founded in 2022 by fintech veterans Dewang Neralla, Geeta Chauhan, and Ujwal Tamminedi.
- Dewang Neralla: Serving as the Founder and CEO, Neralla brings extensive experience in the fintech industry. He is also the founder and former CEO of Atom Technologies, a leading payment service provider in India.
- Geeta Chauhan: As Co-Founder and Chief Business Officer, Chauhan plays a pivotal role in driving business strategies and operations.
- Ujwal Tamminedi: The Co-Founder and Chief Technology Officer, Tamminedi oversees the technological development and innovation at HiWiPay.
Funding Details:
The $2 million seed funding round was spearheaded by Unicorn India Ventures, a prominent investment firm known for backing innovative startups. Additional investments came from co-founder Dewang Neralla’s family office, Jupiter Metaverse LLP, and notable angel investors such as Dr. Ritesh Malik, Mitesh Shah, and Nilesh Doshi. This infusion of capital is set to bolster HiWiPay's mission to simplify international remittances and expand its services to a broader audience.