Bengaluru-based Skydo secures RBI, GIFT City approvals to expand cross-border payments

Bengaluru-based fintech platform Skydo has expanded its cross-border payments plans after securing regulatory clearances linked to its operations in GIFT City and the Reserve Bank of India’s (RBI) Payment Aggregator-Cross Border framework.

The fintech company has received approval for its GIFT-SEZ project as a Payment Service Provider, according to documents from the International Financial Services Centres Authority. The approval is subject to applicable SEZ rules, IFSC Authority clearances and other regulatory requirements.

The move gives Skydo a route to build payment infrastructure within GIFT City’s internationally focused financial-services ecosystem.

The company is expected to use the framework to expand services for businesses operating across borders, including multi-currency collections, merchant acquisition and new payment corridors.

Skydo has also secured final authorisation from the Reserve Bank of India to operate as a Payment Aggregator-Cross Border for inward payment flows. The approval allows the company to support export collections for Indian businesses receiving payments from overseas customers.

Together, the approvals strengthen Skydo’s ability to serve Indian exporters, small businesses and digital-first companies that sell to international markets.

Srivatsan Sridhar, Co-founder and CEO of Skydo, said, “GIFT City marks an important step in India’s ambition to build globally competitive financial infrastructure. With the PA-CB Outward approval and the GIFT City In-Principle Authorisation, we can support both sides of a business’ global payment journey in a simple and compliant way.” 

“For MSMEs and digital-first businesses, this means better access to global payment corridors, improved currency management and more efficient cross-border transactions,” he said.

Skydo currently serves more than 40,000 businesses across India and supports collections from more than 150 countries. It enables exporters to receive international payments locally, with transparent pricing and faster settlements.

The expansion comes as India seeks to increase exports to $2 trillion by 2030-31, with micro, small and medium-sized enterprises expected to play a significant role in outbound trade.