Skydo Pioneers Seamless Cross-Border Payments for Indian SME Exporters: The Vision of Srivatsan Sridhar and Movin Jain

In a significant stride towards transforming the landscape of cross-border payments for Indian SME exporters, Bengaluru-based Skydo, founded in 2022 by Srivatsan Sridhar and Movin Jain, has emerged as a beacon of innovation. The startup’s mission revolves around providing instant and cost-effective payment solutions akin to the simplicity of the Unified Payments Interface (UPI) for small and medium enterprises (SMEs) engaged in exports.

Traditional payment gateways, such as PayPal, have long been the go-to for international transactions. However, the hefty fees, sometimes reaching up to 10%, have posed a considerable challenge for Indian SME exporters and freelancers receiving payments from overseas clients. Skydo aims to revolutionize this space by introducing a tech-based platform that operates on a flat fee model, eliminating the burden of forex charges. Srivatsan Sridhar, leveraging his experience from companies like Ola and Rupeek, recognized the intricate challenges embedded in the export payment process. Partnering with Movin Jain, he set out to bridge the existing gaps in cross-border payments, paving the way for a more streamlined and cost-effective solution.

Skydo distinguishes itself by offering a seamless payment experience with a total turnaround time of 1.5 days for the payment to credit to the receiving bank. The startup has strategically aligned with DBS Bank to facilitate these transactions, ensuring a smooth and efficient process for its users. One of the standout features of Skydo’s approach is the imposition of a flat fee, doing away with additional forex charges, swift fees, or card charges that often burden SMEs. Sridhar and Jain’s strategic partnership with DBS Bank underscores the commitment to providing a reliable and robust financial infrastructure for SME exporters. The collaboration ensures not only a secure transaction environment but also opens up possibilities for future innovations in the realm of cross-border payments.

According to Sridhar, Skydo has facilitated transactions amounting to around $2 million per month, showcasing the platform’s rapid growth and widespread adoption among exporters. Currently, the startup boasts a user base of 500 exporters who have embraced Skydo’s user-friendly and cost-efficient alternative to traditional payment gateways.

As Skydo continues to disrupt the conventional norms of cross-border payments, the impact extends beyond immediate transactional benefits. The flat fee model not only reduces financial strain on SMEs but also promotes a more inclusive environment for businesses of all sizes to engage in international trade. The success of Skydo also sheds light on the growing demand for innovative fintech solutions in India’s SME sector. Sridhar and Jain’s venture exemplifies the potential for homegrown startups to address longstanding challenges, fostering a conducive ecosystem for business growth.

In the dynamic landscape of international trade, Skydo stands as a testament to the power of technological innovation in simplifying complex financial processes. Srivatsan Sridhar and Movin Jain’s vision for a seamless, cost-effective cross-border payment solution reflects not only their entrepreneurial acumen but also a broader shift towards digital transformation in India’s export industry.

As Skydo continues to gain momentum, it not only pioneers a new era in cross-border payments but also sets a precedent for future startups to leverage technology for positive disruption in traditional sectors. With a user-centric approach and a commitment to efficiency, Skydo charts a course for the future of cross-border payments in India—one marked by accessibility, affordability, and technological prowess.