Sherpalo and Kleiner Perkins invest in Paymate

Posted on | July 7, 2006 |

Sherpalo Ventures and Kleiner Perkins Caufield & Byers, two of Silicon Valley’s most reputed venture capital firms, today announced their investment in Paymate, a mobile commerce technology provider.

Paymate is a mobile payment platform that allows users to use their mobile phones to make payments.

The total investment by both the VCs in Paymate is reported to be $5 million.

Paymate is founded by Ajay Adiseshann, formerly the CEO of Coruscant Tec, a mobile value added services company and Probir Roy, formerly CIO of StarTV and Co-Founder Coruscant Tec. The Company is advised by Alex Kuruvilla, the former head of MTV Networks in India.

Ajit Nazre of Kleiner Perkins said,

“Mobile phones in India play the role of computers in the West. Paymate is an exceptional company that has created a unique ecosystem with key banks, merchants and technology enablers to enable a truly ubiquitous and scalable mobile commerce solution.

Category: Payments

Comments

One Response to “Sherpalo and Kleiner Perkins invest in Paymate”

1. Fone Arena
   July 8th, 2006 @ 12:07 pm

   [...] s to the tune of $5 Million as reported by economic times and by mobilepundit The VCs are none other than legendary VC Ram [...]

Leave a Reply

Name (required)

Email Address(required)

Website

Comments