Global pioneer of e-payment solutions in talks to invest in two fintech and mobile payment solutions firms; Looking to co-promote India focused fund.
New York-based Sridhar Chityala, founder of venture capital firms Vedas Group and Elevate Innovation Partners, is set to enter India with plans to invest in financial tech and mobile payment companies.
"We are talking to two prospective ventures, including one promoted by some well-known senior industry people based in Bangalore. They are into fin-tech and mobile payment solutions. Without their approval, it won't be fair to reveal their names," Chityala, co-founder of the Global Payments Council who is raising $150 million under his EIP fund, said.
He also plans to pick up stakes in other fin-tech and mobile payment companies and co-manage India specific funds, Chityala told dna during his India visit to firm up investments.
He is also looking to become a co-investor in or co-promoter of India focused fund.
Mobile wallets, remittances, small business, car and personal loans, portfolio management schemes, next generation of mortgages, insurance, forex transfers, entertainment e-commerce all riding on the digital platform are what interest Chityala.
"Indian e-payment sector is at a nascent and native stage and would soon enter the second stage of evolution where it would see small adjacent developments while in the third stage they will truly expand in scope where we need to come in. A standalone mobile-wallet doesn't have a future as it doesn't create any value. As unbanked people are brought into the electronic platform making them part of digital consumption story, mobile wallets will re-craft the whole engagement," Chityala said.
Chityala, who passed out of IIT Bombay, left India for the US where he played a leadership role in the global evolution of electronic payment and financial technologies during his role as head of the telecommunications business unit at Citi Cards and head of e-business at JPMorgan Chase.
Now he spends time managing his family-owned VC fund Vedas group, a seed and early-stage fund for start-ups based in the US, incubating entrepreneurs, advising SMEs and guiding the e-payment sector.
His investments are broad-based through notable being firms MoviePass, which brings subscription model to content based consumption of entertainment in theatres, Dropthought, a next generation data analytics outfit or Imergy, an alternative and cost-effective energy storage platform using redox flow battery technology.
His interest in India stems from evolution of mobile banking, payment wallets and government encouragement of concepts such as payments banks.
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