Excl: â€‹E-Payments processing startup FortunePay raises under $1M from Kae Capital, Mumbai Angels, Growx
Bangalore-headquartered e-payment processing solutions startup Fortune Payment Solutions India Pvt Ltd, which operates under the brand FortunePay, has secured under $1 million in angel round of funding, led by existing investor Kae Capital, with participation from Mumbai Angels and Delhi-based Growx Venture Management, its co-founder and CEO Manju S Murthy told Techcircle.in.
The company will use the capital for platform certification and product deployment.
In May 2012, FortunePay had raised an undisclosed amount in seed funding from Kae Capital and Bessemer Venture Partners.
The company was set up in 2011 by Murthy and Shashidhar P (head of operations). Murthy had previously co-founded WDC Solutions and exited it in 2007. He had also worked as a payments consultant in the US and in India. Murthy holds an MS degree from University of Texas at Austin and a MBA degree from University of Houston. His partner Sashidhar was AVP (engineering) at A Little World Pvt Ltd. Prior to that he was CTO at WDC Solutions. He holds a BE degree in Computer Science.
FortunePay offers e-payment platform and services to banks and merchants. It offers a variety of payment terminals, including dial-up, GPRS/mobile, PC-PoS and m-PoS.
Its flagship product, called Paavati Platform, caters to several industries, including banking & financial services (via a cloud-based payment infrastructure), e-commerce (via Paavati Gateway, the company's internet payment gateway) and retail.
Its offerings include Paavati Platform (for acquiring & process e-payments), Paavati Gateway (for internet/e-commerce payments), Paavati Terminal (for branchless banking in urban areas) and Paavati Plus (for ensuring financial inclusion).
Investors have been pouring in millions of dollars into the online payments industry in India over the past couple of years. In March this year, Bangalore-based payments solutions firm Innoviti Embedded Solution raised Rs 10 crore ($1.6 million) from Tata Capital and a group of high net-worth individuals based out of India and London. Around the same time, Ezetap Mobile Solutions Pvt Ltd, another city-based mobile payments solutions company, secured an undisclosed amount in funding from American Express.
(Edited by Joby Puthuparampil Johnson)