Zenda (previously Nexopay) has raised $9.4 million in seed funding from Saudi Arabian venture capital firm STV, seed-stage venture fund Cotu Ventures, Global Founders Capital, and VentureSouq.
Fintech startup Zenda plans to utilize the funds for product development and expansion of the market in India. Zenda is founded by Raman Thiagarajan and Haseeb Ahmed, alumni of McKinsey & Company in June 2021. The company has more than 40 employees, with 30 employees working out of Bengaluru, Kochi and Delhi.
The company helps families to pay school fees with the pay now or pay later option and gives the rewards point for paying on time.
“Most of the funds will be utilized to expand the markets in India and the UAE. We may start looking towards a newer market by the end of the year…,” Thiagarajan, co-founder of Zenda, told ET.