Mumbai-based mobile payments company, PayMate India Pvt. Ltd., today announced the closure of its second round of investment of US$9 million led by Mayfield Fund with participation from existing investors, Kleiner Perkins Caufield & Buyers and Sherpalo Ventures. Nikhil Khattau, Managing Director of Mayfield Advisors, will join the Board of PayMate.
PayMate has more recently launched a mobile gift voucher program, 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 insurance premium payments.
In July 2006, Sherpalo Ventures and Kleiner Perkins Caufield & Byers had invested a total of $5 milllion in PayMate.
