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Paynear raises $2.5M from Mitesh Majithia; $10M Series A planned

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Hyderabad based Paynear Solutions has raised pre-Series A funding worth $2.5 million from Mitesh Majithia, with plans to raise $10 million for its Series A funding. The company will use the funds for expansion and improving its technology and sales. Majithia will also join the company’s board as a director.

Paynear, which was founded by Anil Bharadwaj V, Maulik Shah and Priti Shah in 2013, operates in 20 cities and claims that it has an active presence on 4,000 devices. It provides individuals and businesses the option to accept card payments, offers mPOS through mPay, CRM and payment gateway solutions.

Spot for Android: In September, it launched a payment solutions app called Spot for Android, through which users could make mobile, DTH and datacard recharges, postpaid bill and utility payments, along with landline, electricity bills and insurance policy payments. The company claimed that small grocery, retail, general and paan stores who sign up with Spot could become ‘agents’ of Spot, offering Spot’s services and earn extra income through commissions on each recharge or bill payment. The ‘agents’ would also be able to book cab, bus, train, flight tickets and hotel rooms.

Developments in the sector:

– Last month, Hyderabad based online payment gateway service NumberMall acquired Delhi-based banking analytics platform BankSmarts for an undisclosed amount.

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– In October, Citrus Payment Solutions acquired Bangalore-based payments company Zwitch for an undisclosed amount. In the same month, it raised Series C funding from multiple investors to strengthen its technology and build products for mobile payments.

– In the same month, Bangalore-based mPOS company Ezetap announced that it would accept mobile wallet payments on its platform for in-person transactions at home or at store. In August, the company raised Rs 150 crore in a round of funding from multiple investors.

– In September, Suvidhaa Infoserve, a services commerce company which launched an online payment platform in 2014, acquired mPOS startup AasaanPay for an undisclosed amount.  Suvidhaa had raised $12 million in its third funding round in 2011.

– In August, payment solutions provider Oxigen Services introduced ‘Super PoS’, a device that would upgrade a network of 200,000 locations under the Jan Dhan Yojana.

– In July, Mumbai-based mPOS solutions provider Mswipe raised $25 million in a series C round of funding.

– In June, payments company iKaaz launched a new point of sale terminal which would allow tap-and-pay transactions through smartphones without Near field communications (NFC) enabled.

Our digital payments coverage here.

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