Skydo Technologies Private Limited has achieved a major milestone by receiving in-principle authorization from the Reserve Bank of India (RBI) to operate as a Payment Aggregator-Cross Border (PA-CB) entity. This makes Skydo one of the first companies in the cross-border payment space to earn this authorization. The company aims to offer compliant, seamless, and affordable payment solutions for India’s growing base of exporters.
Founded in 2022, Skydo has quickly gained a reputation as a trusted partner for exporters. It currently supports over 12,000 exporters in India and processes more than $250 million in export payments annually. The company focuses on simplifying international payments, making the process more transparent and accessible for small and medium businesses (SMBs).
Commitment to Compliance and Security
Awadhesh Ranjan, Skydo’s Head of Risk & Compliance, highlighted the importance of this achievement. “This authorization reflects our strong compliance framework, secure systems, and effective risk management practices. We are dedicated to offering exporters a smooth cross-border payment experience,” he said.
Skydo’s services are designed to meet the needs of SMBs, offering tools that simplify invoicing, payments, and reconciliation. Key features include:
- Transparent pricing with no markups on live forex rates.
- Fast payment settlements.
- Instant KYC for quick onboarding.
- Automated issuance of Foreign Inward Remittance Advice (FIRA) to ensure regulatory compliance.
With RBI’s approval, Skydo plans to significantly scale its operations. Co-Founder and CEO Srivatsan Sridhar stated, “We aim to grow our payment volumes by 10 times over the next 18-24 months. We also plan to expand into import payments and develop new global trade corridors.”
Future Plans for Comprehensive Financial Solutions
Skydo is preparing to introduce additional services to support exporters. These include credit facilities, tax compliance solutions, treasury management services, and Export Data Processing and Monitoring System (EDPMS) reconciliation. “Our goal is to create a complete financial operating system for Indian exporters by integrating these solutions into the Payment Aggregator framework,” said Movin Jain, Co-Founder of Skydo.
In another significant development, Skydo has received Payment Service Provider (PSP) approval from Amazon. This allows the company to process payments for exporters participating in Amazon’s Global Selling program, further enhancing its reach and capabilities.
