India-based payment technology developer PayMate has secured an undisclosed amount in a series D round featuring corporates Visa, Recruit and Bennett, Coleman & Co with a $25m target, TechCrunch reported today.
Recruit Strategic Partners and Brand Capital, respective subsidiaries of human resources firm Recruit and media group Bennett, Coleman & Co, both contributed to the round, as did payment services provider Visa and investment firm Mayfair 101.
Ajay Adiseshann, PayMate’s founder and chief executive, told TechCrunch the company has already raised “a substantial amount” of the $25m and expects to close it in the next 60 days. The amount had already been reported by LiveMint and Entrackr earlier today.
Founded in 2015, PayMate has developed a cloud-based platform that helps more than 35,000 small businesses digitise and manage payments.
The platform enables customers to accept and send electronic payments, generate invoices and automate supply chain payments. PayMate acquired online lender Z2P Technologies in May 2018 for an undisclosed sum.
The company expanded into United Arab Emirates earlier this year, and the proceeds from the round will support growth in Africa as well as certain parts of Europe.
PayMate had raised $18m prior to the series D round, according to TechCrunch. It received $9m from investors including venture capital firms Mayfield Fund, Kleiner Perkins Caufield Byers (KPCB) and Sherpalo Ventures in 2008.
KPCB and Sherpalo Ventures had prevously contributed to a $5m round for the company in 2006, according to Hindu BusinessLine. VC firm Lightbox Ventures also lists the company in its portfolio having invested an undisclosed amount the same year.