Paynear Solutions Raises $2.5 Million in Pre-Series A Funding

Paynear Solutions Pvt. Ltd, a complete payment solution provider has raised pre-Series A funding of $ 2.5 million from serial investor Mr. Mitesh Majithia. Paynear aims to be the largest player in the merchant specific solution industry including payment processing.This will boost Paynear in raising the USD 10 million they plan to raise as Series A funding.

Paynear Solutions is a complete payment solution provider, enablingindividuals and businesses of all sizes to accept card payments for their business and providing a seamless customer payment experience. The company’s mission is to activate the second rung of the Indian market for card payments, enabling merchants to engage and reward customers through a host of unique solutions. In a short span of time of less than one year of their launch, they already have presence in 20 cities in India with more than 4000 active devices.

Paynear contributes to the vision of PM Modi for a less cashless society by enabling electronic payment to all industries and segment with an affordable, simple and secured solution

Commenting on this fundraising, Mr. Prabhu Ram (Managing Director & Chief Strategy Officer at Paynear) said “We are in a growth trajectory and this funding will help us in our expansion, increase our technical capabilities and also grow our sales. Consark Consulting Service, a Bangalore based boutique investment banking firm acted as an advisory for this investment. Mitesh has also joined our board as a Director and his experience will bring in immense value to our team and growth. We are also in the process of raising the next round of funding”.

Mr. Mitesh added “mPOS and mobile payments are the next big thing and have a huge market potential in the Indian payment scenario. Paynear’s expertise in payment industry will revolutionize the way payments are made in India.”

About Mitesh Majithia

Mitesh comes in with over 20 years of extensive IT experience in the software industry. He started his career as a Software Engineer at TCS, moved on to become a Senior Software Developer/Analyst at Intelli group and served as the Technical Architect/VP at Software Professional Services Corp. He was also associated with Fortune 500 clients including American Express, Motorola and Winstar in various technical leadership roles. After leading SPS for four years, Mitesh bought the company and transformed it from a small company with marginal profits into a profitable one, which was later acquired by a publicly traded company in India. Being a Harvard Business School alumni, he completed his Owner’s/President Management course from HBS.

His experience in leading and transforming companies into successful ventures led him to invest and guide multiple startups in India and USA. The focus areas of investments for Mitesh are companies in eCommerce, mobile, software and payment space. His list of investments include Levare (prepares schedule software for US courts), DevSquare, Inc. (testing platform for software developers where they have to write code), Intone Networks, Inc. (software consulting firm), MartJack (a SaaS based eCommerce platform which got acquired by Capillary Technologies), Ynew (reCommerce play for smart phones, tablets and computers) and Paynear Solutions.

About Paynear Solutions Pvt Ltd

Founded in 2013, with its headquarters in Hyderabad, by a team of highly experienced and entrepreneurial professionals with a decade of experience in the payment& merchant centric industry, Paynear set out with the goal to provide a secure and streamlined customer payment experience for all industries, through itswide range of innovative and reliable payment solutions. Paynear’s Omni channel package consists of mPOS solutions, CRM and payment gateway, designed to simplify payment processing. Its products Paynear ‘mPay’ is a mobile point of sale solution (mPOS) especially designed for merchants and businesses of all sizes and verticals, whereby merchants can start accepting credit/debit cards anywhere, anytime, through their Smartphones/Tablets and PC. Yet another revolutionary product is Paynear ‘SPOT’ which is a one-stop solution for recharges, bill payments and much more. With SPOT agents can recharge their customer’s prepaid mobiles, DTH, data cards, pay postpaid mobile bills, pay insurance policies and various utility bills and much more.