Chennai-headquartered payments infrastructure startup Mylapay has raised $1 million as part of a pre-Series A funding round, ahead of its larger Series A planned later this year.
The round included follow-on investments from CDM Capital and Credit Saison, along with new capital from GrowthCap Ventures, led by Pratekk Agarwaal, and several strategic angel investors.
This comes after the startup’s earlier $550,000 seed round, taking it a step closer to institutional fundraising.
The newly raised capital will be deployed to enhance Mylapay’s core payment systems, broaden its product portfolio, and strengthen integrations with banks and payment aggregators.
The company is also accelerating its international expansion plans, with a focus on the Middle East, Africa, and the US.
Founded in May 2019 by Mohanraj Ravi, Mylapay operates as a B2B payment enabler offering cloud-native infrastructure for banks and financial institutions. Its backend capabilities span authentication, transaction switching, clearing, settlement, and reconciliation, with certifications from major card networks such as Visa, Mastercard, and RuPay.
Recently, the startup introduced a single-window acquiring platform that enables institutions to manage both card and UPI acquiring through one integration. Built for compliance-driven and modular deployment, the platform supports throughput of over 5,000 transactions per second, positioning Mylapay for large-scale enterprise adoption.
