Paynear raises Rs 17 crore in pre-series A funding

HYDERABAD: Payment solutions provider Paynear Solutions has raised $2.5 million (Rs 16.7 crore)in angel funding from serial investor Mitesh Majithia. The Hyderabad headquartered firm, which is looking at raising $10m as Series A funding aims to be the largest player in the merchant specific solution industry including payment processing.

Bengaluru-based boutique investment banking firm Consark Consulting Services has acted as advisory for the current investment. Following this, Majithia has joined the board of Paynear.

"We are in a growth trajectory and this funding will help us in our expansion, increase our technical capabilities and also grow our sales," said Paynear’s managing director and chief strategy officer Prabhu Ram. "MPOS (mobile point of sale) and mobile payments are the next big thing and have a huge market potential in the Indian payment scenario," said Majithia.