Paynear Solutions raises $2.5 mn in pre-Series A funding

Paynear Solutions Pvt Ltd has raised pre-Series A funding of $ 2.5 million from serial investor Mitesh Majithia.

Paynear Solutions is a complete payment solutions provider, enabling individuals 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 less than a year of their launch, it has a presence in 20 cities in India with more than 4,000 active devices, the company said in a statement.

Commenting on this fund-raising, 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”.