Money & Banking

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

Priyanka Pani Mumbai | Updated on January 22, 2018

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”.

Published on December 10, 2015

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