Thursday, June 12, 2008

PayMate India, a mobile payment company got second round of investment at $9 million

What Company Is Offering:
PayMate transactions are quick, easy and safe. When you wish to pay via mobile at a PayMate merchant (online or offline) all you have to do is share your mobile number. You will instantly receive SMS from PayMate confirming the transaction amount and asking for authorization with your PIN and 3-alphabet code for Eg PAY ABC 5678 where ABC is the 3-alpahabet code already mentioned in the transaction sms you receive and 5678 is your PIN. Once you reply to the sms in the specified format your payment will be processed and within just a few seconds you will get a response sms confirming the transaction status. Do it to believe it. We recommend you do a real transaction to get an actual feel of how smooth and quick the process is.

How Much They Got From VCs:

PayMate India, a mobile payment company, has closed its second round of investment at $9 million led by Mayfield Fund and participation from existing investors, Kleiner Perkins Caufield & Byers and Sherpalo Ventures. Nikhil Khattau of Mayfield will join the board of PayMate. In July 2006, Sherpalo Ventures and Kleiner Perkins Caufield & Byers invested $5 million in PayMate.


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