Cross-border payments platform Skydo has surpassed $1 billion in annualised payment volume and crossed 50,000 business customers, marking a significant expansion for the company as Indian businesses increasingly operate across international markets.
The milestone follows a $10 million Series A funding round in December 2025 and comes as Skydo expands its regulatory footprint, technology capabilities and presence across India, the United States and GIFT City.
The company has secured several regulatory approvals over the past year. These include final Reserve Bank of India authorisation as a Payment Aggregator-Cross Border (PA-CB), approval to support domestic and outward payments, in-principle Payment System Provider authorisation from the International Financial Services Centres Authority (IFSCA) in GIFT City, and its first international payment licence in Canada.
Together, the approvals are intended to support Skydo’s expansion beyond cross-border collections into a broader payments platform covering collections, payouts and multi-currency transactions.
India’s growing cross-border payments opportunity
Skydo’s expansion comes as Indian companies increasingly participate in global trade and services. Data cited from the Ministry of Commerce and Industry shows India’s combined merchandise and services exports reached a record $860 billion in FY2025-26, while imports crossed $979 billion.
The growth in international trade is also changing the nature of business payments. Companies are increasingly receiving money from overseas customers while simultaneously making payments to international vendors, software providers, contractors and other partners.
That creates demand for payment infrastructure capable of managing multiple transaction types, currencies and compliance requirements. For businesses operating internationally, the challenge is no longer limited to collecting export proceeds. Outbound payments and recurring international transactions have become an equally important part of financial operations.
Skydo says its platform is designed to bring these functions together, with international collections and payouts supported through local payment infrastructure and automated compliance processes.
The company currently supports payments across more than 150 countries.
Regulatory expansion accompanies growth
For fintech companies operating in cross-border payments, regulatory access is an important component of expansion. Skydo’s recent approvals in India, GIFT City and Canada give it additional scope to develop payment corridors and products across markets.
The company’s GIFT City operations are also becoming part of its growth strategy. Shekhar Tejwani, who has previous experience at GIFT City, recently joined Skydo as Principal Officer and became its first GIFT City-based hire.
The company has also expanded its leadership team across engineering, US operations, risk and compliance, product and growth.
Ankit Arora, a former Amazon technology leader, joined to head engineering, while Varnika Menghnani, an MBA graduate from Harvard Business School, was appointed to lead the company’s US expansion.
The additions come as Skydo prepares for a larger international footprint and seeks to build infrastructure for additional payment corridors.
Targeting $5 billion in annualised volume
Skydo said it aims to process more than $5 billion in annualised payment volume over the next two years. Reaching that target would require the company to increase its current annualised volume more than fivefold while expanding into new geographies and adding payment corridors.
The company also plans to introduce additional financial products aimed at businesses operating across borders.
“We’ve spent the last few years earning the trust of 50,000 businesses. The next phase is about compounding this trust through serving customers with new products across more payment corridors,” said Srivatsan Sridhar, Co-Founder and CEO of Skydo.
Movin Jain, Co-Founder of Skydo, said the company intends to build its global business from India, with its US presence, engineering capabilities and GIFT City operations forming key parts of that strategy.
The company is backed by Elevation Capital and Susquehanna Asia Venture Capital.
Skydo’s latest milestone comes amid a broader expansion of India’s digital payments and fintech ecosystem, as businesses increasingly need financial infrastructure that can support international customers, suppliers and distributed workforces.
For Skydo, the next stage will depend on whether its regulatory expansion and growing network can translate into sustained transaction growth as it moves from a cross-border collections platform towards a broader financial infrastructure provider for globally operating businesses.
