Pomelo Pay raises US$10M; Wavemaker, Genting Ventures join Fasal’s US$4M round

Pomelo Pay raises US$10M Series A for global expansion

Singapore- and UK-based digital payments company Pomelo Pay has raised US$10 million in a Series A round led by UK-based independent investment firm Inference Partners.

Pomelo Pay last raised a US$2.9 million seed investment led by Force Over Mass, which also invested in this round.

The investment will allow Pomelo Pay to expand its presence across global markets, including Europe and Asia, starting with plans to double its workforce in London, Singapore, Vietnam, Thailand and the Philippines.

Also Read: Telling the fortune of digital payments in 2021, CNY style

Launched in 2018, Pomelo Pay allows merchants to digitise their payment infrastructure and take payments from anyone in any location (physical or digital) at near-zero costs. The company provides integration with over 30 payment networks globally.

Its payments platform is also used by banks and non-banking financial institutions (NBFIs), enabling them to offer a broad suite of payment acceptance solutions to their end customers.

The company claims it crossed US$500 million in total payments processed for 2021 and projects a growth of 5x by 2022.

Pomelo Pay has 50 people across its headquarters in London and offices in Singapore and Vietnam.

Precision agri platform Fasal raises US$4M in pre Series A

India-based precision agriculture platform Fasal has raised US$4 million in pre-Series A round led by 3one4 Capital with participation from Genting Ventures (Malaysia) and existing investors Wavemaker Partners and Omnivore.

Other investors in this round include The Yield Lab Asia-Pacific, Antares Investments, and Sandeep Singhal of Nexus.

Fasal will use the funds raised in this round to expand its business across India and Southeast Asia, strengthen its full-stack services, and ramp up hiring for sales and marketing, agronomy, and technology teams.

Fasal’s eco-friendly and affordable precision farming solution is disrupting the US$42 billion progressive horticulture industry by ensuring maximum yield from small farms.

Also Read: Fasal’s IoT device increases yield, reduces wastage by helping horticulture farmers make smart decisions on crops

Based out of Bangalore, Fasal was founded in 2018 by Shailendra Tiwari and Ananda Verma. It is a full-stack AI-powered IoT SaaS platform for progressive horticulture. Fasal delivers farm and crop-specific actionable insights to farmers in vernacular languages using on-farm sensors and scientific algorithms.

The platform is also working on new services, including F&V market linkages and parametric crop insurance.

To date, the startup claims to have helped save more than nine billion litres of water from irrigation, reduced pesticide expenditure by ~60 per cent, and increased yields across 40,000+ acres of farmland.

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