Skydo Raises $10 Million to Power Zero-Markup Cross-Border Payments for Indian Exporters

Entering a New Phase: A Funding Milestone for Global-Ready Export Payments

In a major boost for India’s export fintech ecosystem, Skydo, a Bengaluru-based cross-border payments platform, has secured USD 10 million in a Series A funding round, led by Susquehanna Asia Venture Capital, with continued backing from existing investor Elevation Capital.

This capital infusion signals a new chapter in Skydo’s ambition — to become the default payment infrastructure for Indian exporters, freelancers, and MSMEs looking to transact globally. By promising zero forex markups, transparent pricing, and tools designed to simplify compliance and bookkeeping, Skydo positions itself as more than a payments gateway — it aims to be a comprehensive “financial operating system” for global commerce.

Why This Matters: The Export Payments Pain Point in India

Hidden Costs, Slow Settlements, Compliance Headaches

For many Indian exporters — from small-scale sellers to growing startups and freelancers — dealing with international payments has long meant navigating a maze of bank fees, unpredictable forex markups, and cumbersome compliance procedures. Traditional banking channels and legacy global platforms often involve:

• 3–10% or more in hidden foreign-exchange markups and fees, reducing the value of export invoices. Startup News+2Moneycontrol+2

• Delays: funds may take days to reach India, followed by extended cycles for documentation and compliance. CIOL+2The Economic Times+2

• Manual workflows: invoicing, reminders, accounting, reconciliation, FIRCs/FIRAs — all through disjointed processes that drain time and resources. CIOL+1

The result? Exporters face unpredictable revenue, delayed cash flow, and a heavy administrative burden — especially problematic when dealing with volume, frequent clients, or multiple countries. Skydo Raises $10 Million to Power Zero-Markup Cross-Border Payments for Indian Exporters.

India’s Export Ambition Needs Better Rails

With India targeting an ambitious USD 2 trillion export goal by FY30, there’s a growing need for scalable, efficient, and compliant payment systems that can support thousands of MSMEs and startups across geographies. Startup News+1

Skydo’s new funding arrives at precisely this moment: ICS (Indian cross-border payment infrastructure) needs robust players that can deliver transparent pricing, regulatory compliance, and frictionless payment flows — and scale fast.

What Skydo Offers: A Fintech Makeover for Export Payments

Zero Forex Markup + Transparent Flat-Fee Pricing

One of Skydo’s biggest value propositions is eliminating hidden forex margins. Instead of unpredictable spreads or markups, exporters receive payments at mid-market FX rates, combined with a flat-fee structure. This ensures that what’s invoiced is almost exactly what’s realized — no surprise deductions. CIOL+1

Local Collections & Multi-Currency Support

Exporters can share local foreign-currency account details with overseas clients. This means clients pay in their local currency using local banking systems, and Skydo handles the rest — routing the funds back to India efficiently. The platform already supports 32+ currencies and serves over 30,000 MSMEs, freelancers, and startups across 50+ cities. Entrepreneur+2Indian Startup News+2

Compliance, Documentation, and Back-Office Automation

Skydo doesn’t just stop at payments. The fintech offers tools for:

• Generating compliance paperwork automatically (FIRAs, invoices)

• Accounting and reconciliation integration

• Payment reminders and receivables management

This combination reduces the manual overhead exporters typically face and accelerates payment settlement to within 24 hours. Indian Startup News+2Moneycontrol+2

Developer APIs, Card Infrastructure & Global Expansion Plans

With the fresh funding, Skydo plans to roll out:

• A developer-friendly API and webhook layer — enabling SaaS firms, marketplaces, and fintechs to embed Skydo’s payment rails natively. CIOL+1

• A card acceptance infrastructure (through its “InstaLinks” product), enabling clients to pay via credit/debit cards — a critical feature for exporters dealing with clients who prefer card payments. CIOL+1

• Expansion of local collection capabilities across 20+ additional countries spanning Latin America, Africa, Southeast Asia, and the Middle East. Entrepreneur+1

• Pursuit of regulatory licenses in key foreign markets, strengthening its global presence and compliance readiness. CIOL+1

The Funding Round: What’s Behind the $10M Injection

The Series A funding — led by Susquehanna Asia Venture Capital (with participation from existing backers such as Elevation Capital) — brings Skydo’s total equity funding to nearly USD 20 million. Entrepreneur+2Moneycontrol+2

Investors see in Skydo a fintech built for scale. In the past year alone, the startup claims to have grown 4× in transaction volume — underscoring clear demand beyond just metro-based exporters and labeling Skydo as a “customer-centric international payments powerhouse.” Indian Startup News+2IndianWeb2+2

With this funding, the company aims to achieve an annualised payment volume of USD 5 billion within the next two years. CIOL+1

What This Means for Indian Exporters & MSMEs

• Cost savings: By doing away with hidden forex markups and unpredictable bank fees, exporters and freelancers potentially save 3–7% or more of invoice value — a substantial margin improvement.

• Cash-flow predictability: Faster settlement (within 24 hours) and transparent pricing help businesses manage working capital better.

• Simplified compliance: Automation of documentation (FIRAs, invoicing, reconciliation) reduces the regulatory and administrative burden — freeing exporters to focus on business growth rather than paperwork.

• Ease of expansion: With multi-currency support, local collection accounts, and new card/payment options, Indian exporters can reach clients worldwide with minimal friction — giving them a competitive edge in global markets.

• Scale potential: For high-frequency exporters or SaaS/freelance businesses with recurring clients abroad, Skydo’s infrastructure — especially with APIs — could become a backbone payment layer, reducing dependency on traditional banks or legacy gateways.

Looking Ahead: What’s Next for Skydo

With the funding secured, Skydo is gearing up for aggressive growth — both geographically and technologically. Expect to see:

• Expansion into new geographies — particularly Latin America, Africa, Middle East, and Southeast Asia.

• Launch of card-payment acceptance globally, improving convenience for clients and diversifying payment methods.

• More fintech integrations via APIs — raising the possibility of ecosystems (marketplaces, SaaS platforms, service businesses) building on top of Skydo’s rails.

• Broader regulatory and compliance coverage, aligning with its ambition of becoming a global-ready payment infrastructure.

If they deliver on the roadmap, Skydo could emerge as a backbone for India’s export fintech infrastructure — potentially transforming the way small and medium businesses transact globally.

FAQs

1. What is Skydo?
Skydo is a Bengaluru-based fintech platform offering cross-border payment solutions for Indian exporters, MSMEs, freelancers, and startups. It provides local foreign-account collections, zero-forex-markup pricing, and back-office tools like invoicing, compliance documentation, and reconciliation.

2. What’s new about the latest funding round?
Skydo raised USD 10 million in Series A funding led by Susquehanna Asia Venture Capital, bringing its total equity funding to approximately USD 20 million. The funds will be used for global expansion, building payment infrastructure, compliance tooling, and developer APIs.

3. How does Skydo help exporters save money?
By eliminating hidden forex markups and offering transparent flat-fee pricing along with mid-market exchange rates, Skydo helps exporters retain more of their invoice value — avoiding 3–7% (or more) in cost that might have gone toward bank or gateway fees.

4. Which businesses or freelancers can benefit from Skydo?
Any Indian business, freelancer, or MSME receiving payments from foreign clients — whether for exports, services, SaaS, or freelance work — can benefit from Skydo. It’s especially valuable for frequent or high-volume transactions, or businesses scaling globally.

5. How many currencies does Skydo support?
Skydo currently supports payments in over 32 currencies.

6. How quickly are payments settled?
Skydo promises settlements within 24 hours in many cases, drastically reducing the typical delays associated with bank transfers and compliance procedures.

7. Does Skydo handle compliance and documentation for export payments?
Yes. The platform automates generation of compliance documents (like FIRA), offers invoicing tools, payment reminders, accounting integration, and reconciliation — reducing manual administrative burden for exporters.

8. Can SaaS platforms, marketplaces or other fintechs integrate with Skydo?
Yes. As part of its expansion roadmap, Skydo plans to provide developer-friendly APIs and webhooks so third-party platforms can embed its payment rails directly.

9. Is Skydo regulated under Indian payments law?
Skydo is among the first entities to receive in-principle approval under the regulatory framework for “Payment Aggregator — Cross Border” (PA-CB), aligning it with compliance and governance standards set by regulatory authorities.

10. What does this mean for India’s export ecosystem overall?
Skydo’s growth signals a shift toward more transparent, efficient, and scalable payment infrastructure for exporters — potentially lowering entry barriers for small and mid-sized exporters, increasing competitiveness, improving cash flows, and supporting India’s broader export ambitions.