Drona Pay Raises INR 3.2 Crore In Seed Round
The funds will be used to increase penetration into Indian banks and fintech companies
Drona Pay has raised INR 3.2 crore in Seed funding. The round was led by Varanium Capital and Credit Saison. Other investors included Kunal Shah, Jitendra Gupta and Amrish Rau, among others.
Drona Pay delivers real-time protection using machine learning and proprietary data sets, to defend institutions against ever increasing frauds in payments and lending. Drona Pay protects BNPL, UPI, credit card and debit card transactions from frauds, scams, collusion and delinquency, said a statement.
“While we initially saw the savings for BNPL from delinquency reduction, we were impressed with the team's ability to reduce merchant fraud and chargebacks for payment providers. This convinced us of the huge potential and team capabilities,” said Aparajit Bhandarkar, partner at Varanium Capital.
“With increasing digital adoption, fraud management for real time transactions has become a massive problem for banks and fintech companies. We were impressed with the team's effort in saving millions of dollars for businesses and consumers,” said Jitendra Gupta, founder and CEO of Jupiter.
The funding will help expand the technical and product team. “We aim to use the funds to strengthen the offering and increase penetration into Indian banks and fintechs. The array of new products launched by Indian fintechs and banks will need robust real-time risk scoring abilities which are provided by Drona Pay,” said Satish Kashyap, co-founder and CEO of Drona Pay.