About Mag Pay
Mag Pay is a Financial Services company based in Chennai (India) founded in 2021. It offers agent-enabled solutions for secure money transfers and bill payments. It operates on a B2B model. Its Indian entity Mag Pay Technologies Private Limited reported revenue of ₹10 Lakh. Its focus areas include Fintech, Money Transfer and Bill Payments. Its competitors include Dvara KGFS, Pay Point India and Kaleidofin; 3 of its 3 listed competitors have raised funding.
Company details
Mag Pay, based in Chennai, focuses on offering financial products and advice, fintech, money transfer, and bill payments. Offers agent-enabled solutions for secure money transfers and bill payments. The company prioritizes operational excellence, innovation, and customer-centric approaches for success. It continues to evolve, meeting industry challenges with strategic approaches.
- Headquarters Chennai, India
- Employees 1
- SectorsFinancial Services
- Website magpay.co.in
- Legal Name Mag Pay Technologies Private Limited
- Date of Incorporation 14 Dec, 2021
- Jurisdiction Chennai, Tamil Nadu, India
- Annual Revenue₹10 Lakh
FY 2023 · +2746% YoY
- Net Profit₹6,610
FY 2023 · 1% margin
- EBITDA₹23,750
FY 2023 · 2% margin
- Employee Count1
Associated legal entities of Mag Pay
Mag Pay operates through Mag Pay Technologies Private Limited (active). Its filings, financials, charges and directors are on the company page.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2023) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Mag Pay Technologies Private Limited CIN U74999TN2021PTC148563 | Active | 14 Dec 2021 | Chennai, Tamil Nadu | ₹0.1 Cr | 4 | View details |
Board of directors of Mag Pay Technologies Private Limited (Mag Pay)
Mag Pay Technologies Private Limited is the primary company behind Mag Pay. The board of Mag Pay Technologies Private Limited currently have 4 directors; the longest-serving is Dineshkumar, appointed in 2024. 3 earlier directors have ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Dineshkumar DIN 09407464 | Additional Director | 14 Sep 2024 | 2 yrs 1 mo | Mag Pay Technologies Private Limited |
| Vignesh P Kumar DIN 10786090 | Additional Director | 25 Sep 2024 | 2 yrs 1 mo | Mag Pay Technologies Private Limited |
| Muthuramalingam DIN 11409663 | Director | 10 Dec 2025 | 10 mo | Mag Pay Technologies Private Limited |
| Sareshwaran DIN 11409662 | Director | 10 Dec 2025 | 10 mo | Mag Pay Technologies Private Limited |
Financials of Mag Pay
Figures of Mag Pay Technologies Private Limited, the primary company behind Mag Pay, for FY 2023. Revenue was ₹10 Lakh (+2746% year on year). Net profit was ₹6,610 (1% margin). EBITDA was ₹23,750 (2% margin).
- ₹10 LakhRevenue · FY 2023 · +2746% YoY
- ₹6,610Net profit · 1% margin
- ₹23,750EBITDA · 2% margin
- ₹1 LakhPaid-up capital
Balance sheet, profit and loss, cash flow and ratios of Mag Pay Technologies Private Limited are on its company page.
Detailed financial statements for Mag Pay
Statement rows, ratios, five-year trends and downloadable financials of the group companies require an active premium plan.
- Statement rows
- Financial ratios
- Five-year trends
- Downloads
Verified entity values are shown only after access is granted.
Competitors of Mag Pay
Mag Pay has 3 listed competitors in our database, 3 of them funded. They include Dvara KGFS, Pay Point India and Kaleidofin.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| dvarakgfs.com | 2008 | Chennai, India | $43.71M | 4,134 | Loans for consumers and SMEs are provided alongside financial services. | |
| paypointindia.com | 2007 | Mumbai, India | $7.74M | 346 | Digital financial and retail services are provided via agent networks. | |
| kaleidofin.com | 2017 | Chennai, India | $47.39M | 141 | Provider of financial technology solutions for inclusive lending |
Detailed competitors of Mag Pay
The full competitor set, operating metrics and side-by-side benchmarks require an active premium plan.
- Full competitor set
- Operating metrics
- Benchmarks
- Competitive positioning
Verified entity values are shown only after access is granted.
Top companies in Payments & Remittance Platforms
3 companies that operate in the same segment as Mag Pay (Payments & Remittance Platforms) in India, ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Digital payments, financial services, and e-commerce platforms are provided. | 2000 | Noida, Uttar Pradesh, India | USD 2.81 B | USD 1.05 B | 39,368 | |
Payment, financial, investment, and lending services are provided digitally. | 2012 | Bengaluru, Karnataka, India | USD 1.71 B | USD 950.07 M | 12,265 | |
Payment and business banking solutions are provided for enterprises. | 2014 | Bengaluru, Karnataka, India | USD 741.62 M | USD 302.19 M | 2,850 |
Unlock complete access to The Company Check
Get unrestricted viewing across everything we track — from companies and brands to investors, funding rounds, acquisitions, financials, and more.
- Unlimited viewing on all profiles Companies, investors, financials, funding, acquisitions & directors
- Full access to every database India & global coverage, advanced filters and rich profile details
- Always-on access from your team account Single premium plan for everything you see on the portal
Frequently Asked Questions about Mag Pay
Mag Pay was founded in 2021.
Mag Pay is headquartered in Chennai, India. It is registered at Chennai, Tamil Nadu, India.
Mag Pay has 1 employees.
The primary company behind Mag Pay, Mag Pay Technologies Private Limited, reported revenue of ₹10 Lakh for FY 2023, up 2746% year on year.
Mag Pay, based in Chennai, focuses on offering financial products and advice, fintech, money transfer, and bill payments. Offers agent-enabled solutions for secure money transfers and bill payments. The company prioritizes operational excellence, innovation, and customer-centric approaches for success. It continues to evolve, meeting industry challenges with strategic approaches.
Mag Pay's top competitors include Pay Point India, Kaleidofin and Dvara KGFS.
Mag Pay operates through Mag Pay Technologies Private Limited.
The legal entities of Mag Pay currently have 4 directors, including Dineshkumar, Vignesh P Kumar, Muthuramalingam and others.