Paynear raises nearly Rs 16.70 crore to fund expansion

Mumbai : Payments solution startup Paynear on Thursday said it has raised $2.5 million (approximately Rs 16.70 crore) as part of its $10 million (approximately Rs 66.82 crore) fund raising plan.

The city-based company founded in 2013 has raised the money from serial investor Mitesh Majithia, cited a company’s statement. It has a presence in 20 cities with over 4,000 active devices and aims to be the largest player in the merchant specific solution industry including payment processing.

The company helps people accept card payments for their business and is aiming to build a service which helps merchants to engage and reward customers, it said.

“This funding will help us in our expansion, increase our technical capabilities and also grow our sales,” Paynear Solutions managing director and chief strategy officer Prabhu Ram said.

Majithia has joined the board of the company, he said, adding that it is looking for another round of funding.

Speaking about what drew him to invest, Majithia said Mobile Point of Sale (mPOS) and mobile payments are the next big thing and have a huge market potential in the Indian payment scenario.

Majithia is a software developer-turned-entrepreneur who has invested in companies from e-commerce, mobile, software and payment spaces in the US and India, it said.