Sky do offers Indian businesses the opportunity to establish international accounts in collaboration with its partner global banks using Indian KYC and KYC documents. Supported by prominent investors like Elevation Capital, Better Capital, and Exim us Ventures, the startup, founded two years ago, has amassed over $5.2 million in funding so far. Presently, Sky do serves around 1,500 businesses, handling payment volumes exceeding $50 million annually.
In today's digital era, online payments within India have become effortless, thanks to advancements like UPI. However, conducting cross-border digital transactions remains a significant challenge for many, especially exporters dealing with high transaction fees, outdated systems, and lengthy, inefficient payment processes.
Driven by first-hand experiences while managing exports and imports at a family-run automobile business, Srivatsa Sridhar and his former colleague from Ola, Moving Shah, launched Sky do in March 2022 to streamline cross-border online transactions for small businesses.
Sky do adopts an innovative approach to cross-border payments with the aim of diversifying the Indian market and reducing the influence of dominant players. It enables Indian businesses to establish international accounts (collection accounts) through its partnerships with global banking institutions.
What distinguishes Sky do is its ability to facilitate the opening of international accounts for Indian businesses with minimal KYC and KYB documentation requirements. Essentially, local businesses can seamlessly make payments to vendors across different locations via online banking.
The startup's operations are powered by collaborations with six global banks, enabling customers to receive funds in 32 currencies. These banking partners are located in countries such as the US, the UK, Canada, Western Europe, Singapore, and the UAE, accounting for a significant portion of remittance inflows into India.
With ambitious growth targets, Sky do aims to achieve a transaction volume of $750 million on its platform by March 2025.
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