Indian payment service provider startup, Paynear Solutions Pvt. Ltd has raised $2.5 Million in a Pre Series A round of funding from serial entrepreneur Mitesh Majithia. The startup is also planning raise $10 Million in series A round of funding next year.
Paynear is a payment solution provider that allows individuals and businesses of all sizes to accept card payments. According to the company, currently it operates in 20 cities in India with more than 4,000 active devices. It was funded in early 2013, but went live with mPay in November 2014. mPay lets merchants accept debit and credit cards via Android and iOS devices.
The MD and CEO of Paynear, Prabhu Ram 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”
Currently, the startup is competing with some other players like Ezetap and mSwipe. Ezetap had raised $23.53 Million from Social+Capital in participation with some other investors.