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India's PayMate Closes $9 Million Second Round Financing

PayMate India has announced the closing a $9 million second round financing led by Mayfield Fund with participation from existing investors Kleiner Perkins Caufield & Buyers and Sherpalo Ventures.

Following this development, Mr. Nikhil Khattau Managing Director of Mayfield Advisors will join the Board of PayMate. Mr. Khattau, said, “We believe mobile electronic payments and remittances are the way of the future in India and we believe PayMate is the leader in this category. 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.”

The three blue chip funds together are investing US $9 million as part of series B investment in the two year old company. PayMate operates in the arena of electronic payment solutions to enable transactions on mobile phones and wireless devices for Indian & Global markets. PayMate is set to become the world’s largest and most broad-based mobile payment ecosystem merchant.

PayMate, a pioneer in introducing innovations in the m-commerce sector, has ventured into significant alliances with thirteen prominent global and Indian banks like IDBI Bank, Corporation Bank, Cosmos Bank, Bank of Ceylon, HDFC, Standard Chartered Bank, Canara Bank, ABN Amro amongst others to introduce unique m-banking solutions for their customers. It has also launched a revolutionary mobile gift voucher, Gift Mate, which offers the flexibility and choices that are not available with traditional vouchers. Moreover, it has also allied with telecom service providers like Tata Indicom and airlines like KINGFISHER to enable its subscribers to book flight tickets anywhere, anytime on the mobile. PayMate’s latest initiatives include utility bill and LIC insurance premium payments.

In July 2006, Sherpalo Ventures and Kleiner Perkins Caufield & Byers, two of Silicon Valley’s most reputed venture capital firms, had invested a total of $5 milllion USD in PayMate.

Commenting on the investment, Kleiner Perkins Caufield & Byers said, “In a short period, PayMate has made significant progress in the Indian sub continent, even by global standards. We believe that PayMate is poised to achieve an international footprint and leadership in the near future and hence KPCB is pleased to continue its association with PayMate in its next round of growth capital”

Commenting on their association with PayMate, Sherpalo said “Mobile payments is a wave of the future, and we are proud to continue to be associated with PayMate’s plans and vision.”

PayMate, said, “Receiving investments from global blue chip players like Mayfield Fund, Kleiner Perkins Caufield & Buyers and Sherpalo Ventures is a great recognition for our company and what we have achieved in a short period of time. We are extremely encouraged by the confidence that the investors have shown in us. We believe that the global knowledge and experience of our investors will help us scale our business strategically.”

The mobile payments space is a multi billion dollar opportunity. Mobile phones have crossed 260 million user base, which exceeds the user base of bank accounts, TV, Internet and radio!

About PayMate

PayMate India Private Limited is a mobile commerce solutions company based in Mumbai. PayMate was founded in May 2006 by Ajay Adiseshann, Founder and MD, Coruscant Tec and Co-founder, & Director Probir Roy. In a short span of time PayMate India has partnered with top MNC, State owned and Co-operative Banks to offer its unique mobile payment solution - PayMate.

PayMate is already accepted at over 8000 merchants and can be used to pay for purchase online, over the phone and across the counter via the mobile. Besides, PayMate has also tied-up with key online partners like futurebazaar, MMT, Indiatimes and Rediff. For a detailed list of partners and merchants, log on to www.paymate.co.in PayMate is the only Indian company to have been selected by Red Herring among Asia’s Top 100 start-ups two years in succession.

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