Bengaluru-based cross-border payments platform Skydo has announced a major achievement, surpassing $1 billion in annualized payment volume while serving over 50,000 businesses. This significant milestone follows the company's $10 million Series A funding round secured in December 2025. The growth is further bolstered by a series of crucial regulatory approvals in India and abroad, positioning Skydo for continued expansion.
Strategic Growth and Regulatory Milestones
Over the past year, Skydo has secured final authorization from the Reserve Bank of India as a Payment Aggregator Cross-Border. The company also received in-principle approval as a Payment Service Provider in GIFT City and its first international license in Canada. These approvals create a robust foundation for a comprehensive platform handling collections, payouts, and multi-currency transactions.
Skydo's expansion mirrors the increasing internationalization of Indian businesses, which are engaging more in global trade. According to the Ministry of Commerce & Industry, India's combined exports reached a record $860 billion in the last fiscal year. This highlights the growing demand for streamlined financial infrastructure to manage complex cross-border payments.
Expanding Leadership for Global Ambitions
To spearhead its next growth phase, Skydo has made several strategic additions to its leadership team across key regions. Ankit Arora, formerly of Amazon, joins to lead engineering, while Harvard Business School graduate Varnika Menghnani will head US expansion. Shekhar Tejwani has been appointed as the Principal Officer for its new operations in GIFT City.
Co-founder Movin Jain emphasized the company's vision, stating, "Our ambition has always been to build for the world, from India." The new leadership appointments are integral to this strategy, strengthening capabilities in the US and GIFT City. This team expansion is designed to position Skydo for its next phase of global growth and market penetration.
Future Outlook and Platform Vision
Looking ahead, Skydo has set an ambitious target to process over $5 billion in annualized payment volume within the next two years. This goal will be pursued through expansion into new geographies and the development of additional payment corridors. The company also plans to introduce more globally native financial products for businesses operating across international borders.
CEO and Co-founder Srivatsan Sridhar noted that the focus is now on compounding the trust earned from its 50,000 customers. Skydo aims to achieve this by introducing new products and serving more payment corridors to simplify global commerce. The platform currently supports payments across more than 150 countries, offering transparent pricing and automated compliance.
Skydo's achievement of crossing the $1 billion payment volume mark signifies its growing influence in the B2B cross-border payments sector. With substantial funding, key regulatory licenses, and a fortified leadership team, the company is well-equipped to meet the evolving needs of globalizing businesses. This positions Skydo to become a pivotal player in simplifying the complexities of international trade for enterprises in India and beyond.