Noida-based fintech startup PayVEDA has raised $11.5 million in its Series A funding round from SphitiCap, an early-stage sector-agnostic fund. Founded in 2019, PayVEDA said that its potential IPO was one of the reasons to be included in SphitiCap's investment portfolio. It added that from over five crore monthly transactions, it saw a gross transaction volume of ₹7,000 crore.