The approval moves Skydo’s GIFT City operation from in-principle clearance to full authorisation, paving the way for multi-currency accounts, merchant acquiring and wider payment infrastructure for exporters.
Skydo has won final authorisation from the International Financial Services Centres Authority to operate as a payment service provider at Gujarat International Finance Tec-City, a step that lifts the cross-border payments fintech from an in-principle approval obtained earlier this year into a full regulatory green light for its offshore push. According to the company’s announcement and the IFSCA register, Skydo Payments IFSC Private Limited was entered as a PSP on 21 October under authorisation number IFSC/PSP/2026-27/012, with the company publicly confirming the approval on 27 October.
The licence is expected to expand Skydo’s product suite at GIFT City beyond basic collections. The company says it plans to offer multi-currency accounts for eligible Indian exporters, merchant acquiring for businesses selling overseas, and payment infrastructure for exporters, investment platforms and trade finance firms operating within the IFSC. In practical terms, that could let exporters receive foreign currency, hold balances, pay overseas suppliers and convert funds into rupees when needed, subject to regulatory conditions.
The latest approval builds on a series of permissions Skydo has already secured from Indian regulators. The Reserve Bank of India gave the Bengaluru-based firm final authorisation in January to operate as a payment aggregator for cross-border export collections, and in May it also obtained clearance to support outward payments under the same framework. That combination means the company can now handle both incoming payments from overseas customers and outgoing transfers to foreign vendors, software providers and other service firms through a single platform.
Skydo has argued that the GIFT City regime could make life easier for exporters, freelancers and start-ups that often face delays, conversion costs and fragmented banking arrangements when dealing in foreign currencies. Co-founder and chief executive Srivatsan Sridhar previously described the approvals as an important move in India’s effort to build internationally competitive financial infrastructure, while co-founder Movin Jain has said the framework gives fintechs room to build payment products that fit global standards as GIFT City develops as a financial hub. The company, which is backed by Elevation Capital and Susquehanna Asia Venture Capital, says it serves more than 40,000 Indian businesses across 50-plus cities and collects payments from more than 150 countries, placing it among a growing group of fintechs using the IFSC route to build regulated cross-border offerings.
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