Wednesday, December 9, 2015

Hyderabad-based Paynear Solutions Raises $2.5 million in Pre-Series A Funding

Paynear Solutions Pvt. Ltd, a complete payment solution provider has raised pre-Series A funding of $ 2.5 million from serial investor Mitesh Majithia. Paynear aims to be the largest player in the merchant specific solution industry including payment processing.This will boost Paynear in raising the USD 10 million they plan to raise as Series A funding.
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”.