Hyderabad-based Paynear Solutions Pvt. Ltd has raised pre-Series A funding of $ 2.5 million from serial investor Mitesh Majithia. The company is also planning to raise $10 million in its series A round of funding.
Paynear Solutions is a payment solution provider, enabling individuals and businesses of all sizes to accept card payments for their business. The company claims that it aims to be the largest player in the merchant specific solution industry including payment processing. Already, it has presence in 20 cities in India with more than 4000 active devices.
Its 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.
Commenting on this fundraising, Prabhu Ram, MD & CEO 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”.
Prabhu Ram was one of the founder of Indian company EBS (E-Billing Solutions) which was acquired by Ogone Payment Services, one of Europe’s leading payment service providers in 2011. And then EBS founding team launched this new payment systems venture Paynear.
The company competes with players like mSwipe and Ezetap. In August, Ezetap raised $23.53 million from existing investors Social+Capital, a California-based venture capital fund, Helion Advisors, and Berggruen Holdings.
About the investor:
Mitesh 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.
Apart from this, Mitesh’s 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.