Paymate Raises Rs 38.57 Crores In Series B Funding
By Cerius Shah - Tue 10 Jun 2008 11:16 AM PST
Paymate has raised $9 million (Approx Rs 38.5 Crore) in series B funding from Mayfield Fund and existing investors Kleiner Perkins Caufield & Buyers and Sherpalo Ventures. Nikhil Khatau, MD of Mayfield Advisors will join the board. Amount of stake sold remains undisclosed although BS states Ajay Adiseshann, founder and MD, Coruscant Tec and co-founder and director Probir Roy, will retain a majority stake even after two rounds of funding.
Paymate had initially raised $5 million (approx Rs 20 Crore) in a first round of funding. This series B round is expected to fund their growth for the next 18-24 months states Roy. The mobile payment gateway, prior to its funding, had been very active this year in tying up with banks (current count at 13), operators and services using Giftmate.
Posted in: E-commerce, Payment Systems
