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.
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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