Epayments Processing Solutions Startup – FortunePay Raises $1Mn funding

Kae Capital, along with Mumbai Angels and Growx Venture Management have made an investment amounting under $1 Mn in Bangalore-based e-payment processing solutions startup FortunePay.

According to the company, the funds would be used for platform certification and product deployment.

Founded in 2011 by Murthy and Shashidhar P, the company provides e-platform services to merchants and banks. Previously, Murthy co-founded WDC Solutions and has also worked as a payments consultant in the US and in India. Whereas, Sashidhar was AVP (engineering) at A Little World Pvt Ltd.

Its offerings include:

• Paavati Platform to acquire and process electronic payments
• Paavati Mobile a low-cost mobile-based payment terminal
• Paavati Gateway for Internet/E-Commerce Payments

It competes with other payments solutions startups including Innoviti Embedded Solution and Ezetap Mobile Solutions Pvt Ltd., which has recently acquired loyalty platform Clicknow