DealTracker – Payment Raises $9 Million In Series B
Mobile payment company PayMate India Pvt. Ltd. has raised $9 million in series B round from Mayfield Fund and the existing backers Kleiner Perkins Caufield & Buyers and Sherpalo Ventures, says VCCircle.
The company was co-founded in 2006 by Ajay Adisheshann and Probir Roy, who earlier co-founded a mobile content company called Coruscant Tec, and had raised $5 million in its first round of funding from Kleiner Perkins and Sherpalo in July 2006.
“We believe mobile electronic payments and remittances are the way of the future in India. PayMate has figured out how to unleash the potential of the phone which is becoming the primary transaction terminal for the over 260 million mobile users in India. This investment fits into our Mayfield India strategy extremely well,” said Nikhil Khattau, Managing Director of Mayfield Advisors, who will be joining the board of PayMate.
PayMate enables transactions on mobile phones and wireless devices for Indian and global markets. It has tie ups with 13 global and Indian banks like Corporation Bank, Cosmos Bank, Bank of Ceylon, HDFC, Standard Chartered Bank, Canara Bank, ABN Amro, among others. It has also allied with telecom service providers like Tata Indicom and airlines like Kingfisher Arlines for mobile payments. Its latest initiatives include utility bill and LIC insurance premium payments.
Related posts:
- DealTracker – mKhoj Raises $7.1 Million From Kleiner Perkins, Sherpalo
- DealTracker – BharatMatrimony Raises Another $11.75 Million
- DealTracker – Cleartrip Raises $18.5 million Series C funding
- DealTracker – Obopay Raises $20 Million In Fourth Round
- DealTracker – MapMyIndia Raises $9 Million
Filed under: Deal Tracker
Go ahead, subscribe to the Wildblueskies RSS feed.