Skydo, a Bengaluru-based cross-border payments platform, has received final authorisation from the International Financial Services Centres Authority (IFSCA) to operate as a Payment Service Provider at GIFT City. The licence, which follows an in-principle approval granted in May, lets the company build a wider range of international payment products from the Gujarat financial hub.
Until now, Skydo’s business has centred on helping Indian businesses collect payments from abroad. The new licence takes it further. Among its plans is a multi-currency account for eligible Indian exporters, who today typically convert foreign earnings into rupees immediately. The account would let them hold foreign currency, pay overseas suppliers directly, or convert when they choose, subject to regulations.
Skydo also plans payment infrastructure for platforms offering overseas investments such as US equities, and collection and settlement services for export factoring and trade finance companies.
The company says it serves more than 50,000 businesses and processes over $1 billion in annualised payment volume. It already holds an RBI Payment Aggregator-Cross Border authorisation and a Canadian money services business licence, and is an approved payment provider for Amazon Global Selling and Alibaba.
Skydo has set up a dedicated GIFT City team led by Principal Officer Shekhar Tejwani. The authorisation comes as India pushes toward a $2 trillion export target by FY2030-31, with cross-border payments a stated policy priority.
