Payment solutions provider Paynear
Technologies Pvt. Ltd has acquired Singapore based mobile commerce firm GoSwiff
for an undisclosed amount.
Paynear also raised $5 million from
Harvard Business School alumnus Deepak Yadav in March 2016. Yadav is the
chairman of Yadu Corporation, which has interests in power generation, sugar,
distillation, beverages, software technology, real estate, hospitality, and
education.
In December 2015, Paynear raised
$2.5 million in pre-Series A funding from serial investor Mitesh Majithia. GoSwiff
is a global financial solutions provider, which has subsidiaries in Thailand,
Indonesia, Russia, Africa, and the US. The firm is owned by Swiss billionaire
and currency ink maker Maurice Amon.
Founded in 2013, Hyderabad-based
Paynear helps businesses and merchants make digital payments through mobile
point-of-sale devices and an app. Paynear clocked revenues of Rs 33
crore in FY16-17 and a profit of Rs 3 crore, and is targeting revenues of Rs
110 crore in FY17-18 with a marginal EBITDA. GoSwiff posted revenues of Rs 144
crore last year.
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