Company Name : Paynear Solutions
Funding Amount : $ 2.5 million
Investor(s) Mitesh Majithia . .
Funding Round : Pre-Series A
Founded in 2013, Paynear Solutions a complete payment solution provider has raised pre-Series A funding of $ 2.5 million from serial investor Mitesh Majithia.
Paynear’s Omni channel package consists of mPOS solutions, CRM and payment gateway, designed to simplify payment processing. Its product Paynear ‘mPay’ is a mobile point of sale solution (mPOS) especially designed for merchants and businesses of all sizes and verticals.
The Hyderabad based company has a presence in 20 cities in India with more than 4000 active devices.
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.”