About Pay1
Pay1 is a Retail company based in Mumbai (India) founded in 2011 by Chirutha Dalal, Ashish Kumar Arya, and Vinit Raghunath Khanvilkar. Financial and utility services are provided to retailers and distributors. It operates in the Retail and Financial Services sectors. Pay1 has raised $32.66 thousand across 1 funding round from investors including Rajiv Sinha, Rajnikant Sinha and Tanuj Goyal. The company has 266 employees. Pay1 was last valued at $1.32 million in March 2014. Its website pay1.in draws about 3.4 million monthly visits. Its Indian entity Mindsarray Network Private Limited reported revenue of ₹555 Cr. Its focus areas include FinTech, Payments, Business Payments and Agent Based Payments. Its competitors include Dvara KGFS, Pay Point India and Ezetap; 3 of its 3 listed competitors have raised funding.
Company details
Founded in 2011 and based in Mumbai, India, Pay1 operates in the financial services sector. Bill payment and mobile recharge services are offered alongside banking options such as AePS and Micro-ATM. Payment processing is facilitated through QR codes, UPI, and card readers. Additional offerings include travel bookings, e-governance services, cash collection, khata record-keeping systems, and platforms for trading used mobile phones, targeting small businesses.
- Headquarters Mumbai, India
- Employees 266
- Founders Chirutha Dalal, Ashish Kumar Arya, Vinit Raghunath Khanvilkar
- Stage Minicorn
- SectorsRetailFinancial Services
- Website category Finance
- Email••••••••
- Phone•••• ••••
- Website pay1.in
- Social LinkedIn X Facebook YouTube
- Legal Name Mindsarray Network Private Limited
- Date of Incorporation 17 Jul, 2019
- Jurisdiction Mumbai, Maharashtra, India
- Annual Revenue₹555 Cr
FY 2025 · +9% YoY
- Net Profit₹3.42 Cr
FY 2025 · 1% margin
- EBITDA₹9.79 Cr
FY 2025 · 2% margin
- Total Equity Funding$32.66K (USD)
in 1 rounds
- Latest Funding Round$32.66K (USD), Angel Round
Mar 2014
- Employee Count266
Associated legal entities of Pay1
Pay1 is associated with 2 registered companies on The Company Check; the primary company is Mindsarray Network Private Limited. Each company page carries the filings, financials, charges and directors of that entity.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2025) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Mindsarray Network Private Limited CIN U51909MH2019PTC328157 | Active | 17 Jul 2019 | Mumbai, Maharashtra | ₹555 Cr | 266 | 5 | View details |
| Mindsarray Technologies Private Limited CIN U32104MH2007PTC285155 | Active | 17 Jul 2007 | Mumbai, Maharashtra | 1 | 3 | View details |
Apps and channels of Pay1
its YouTube channel Pay1 has 6.77K subscribers and 30 videos.
Videos from Pay1
The most watched videos on Pay1's YouTube channel, Pay1 (6.77K subscribers). Click a video to play it here.
More on Pay1.
Funding Insights of Pay1
Pay1 has successfully raised a total of $32.66K through 1 strategic funding round. The most recent funding activity was a Angel Round of $32.66 thousand completed in March 2014. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $32,662
- Total Rounds 1
- Last Round Angel Round — $32,662
- First Round $32,662
(Mar 2014)
- Investors Count 5
All 1 funding rounds of Pay1 with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Mar 2014 | $32,662 | Angel Round | $1.32M | Alakh Naresh Gargiya |
| Date | Valuation | Stage |
|---|---|---|
| Mar 2014 | $1.32M | •••••••• |
Last known valuation $1.32M (Mar 2014). 5 investors in total: 0 institutional and 5 angel.
Investors in Pay1
Pay1 has secured backing from 5 investors, including angel investors. Prominent investors backing the company include Rajiv Sinha, Rajnikant Sinha and Tanuj Goyal.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
RS Rajiv Sinha | unknown_b3d4a710b2b14e85a | |||
RS Rajnikant Sinha | unknown_cc9b33bacc3e4e96a | |||
TG Tanuj Goyal | unknown_6556cbf68b7a4b6d9 | |||
UA Utsav Agarwal | unknown_04f474e6852348a2a | |||
AN Alakh Naresh Gargiya | Angel investor and entrepreneur, focusing on tech startups in India. | unknown_4793342e89e942c4b |
Investor details for Pay1
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
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Board of directors of Mindsarray Network Private Limited (Pay1)
Mindsarray Network Private Limited is the primary company behind Pay1. The boards of the 2 registered companies of Pay1 currently have 5 directors; the longest-serving is Ashish Arya, appointed in 2012. 10 earlier directors have ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Ashish Arya DIN 05202157 | Director | 14 Feb 2012 | 14 yrs 8 mo | Mindsarray Technologies Private Limited, Mindsarray Network Private Limited |
| Vinit Raghunath Khanvilkar DIN 05202456 | Director | 14 Feb 2012 | 14 yrs 8 mo | Mindsarray Technologies Private Limited, Mindsarray Network Private Limited |
| Chirutha Jaybandhu Dalal DIN 05202306 | Director | 14 Feb 2012 | 14 yrs 8 mo | Mindsarray Technologies Private Limited, Mindsarray Network Private Limited |
| Abhinav Mathur DIN 03570888 | Director | 17 Jul 2019 | 7 yrs 3 mo | Mindsarray Network Private Limited |
| Alakh Naresh Gargiya DIN 08218903 | Director | 17 Jul 2019 | 7 yrs 3 mo | Mindsarray Network Private Limited |
People of Pay1
19 people are tracked at Pay1 (9 in leadership, 10 in team); the tracked headcount is 266.
| Name | Role | Group |
|---|---|---|
| Co-Founder & COO | Leadership | |
| Co-Founder & CTO | Leadership | |
| Co-Founder & CBO | Leadership | |
Sanjay Suman | State Head | Leadership |
| CFO | Leadership | |
| Co-founder & CTO | Leadership | |
| Chief Business Officer | Leadership | |
| CEO | Leadership | |
Tushar Sinha | Chief Alliance Officer | Leadership |
Santosh Naikar | Senior Operations Executive | Team |
Supriya Kadam | Assistant Manager HR | Team |
Vikas Singh | Data Analyst | Team |
Riddhi Pandya | Senior Human Resources | Team |
Priya Motwani | Brand Strategist And Content Writer | Team |
Hitesh Savaliya | Channel Managment | Team |
Vivek Vashishtha | Senior Relationship Manager | Team |
Shekhar Parihar | Sr. Ui/ux Designer | Team |
Sooraj Krishnankutty | UX Designer | Team |
Netra Patkar | Senior HR Executive | Team |
Complete people profiles for Pay1
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
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- Board tenure
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Financials of Pay1
Figures of Mindsarray Network Private Limited, the primary company behind Pay1, for FY 2025. Revenue was ₹555 Cr (+9% year on year). Net profit was ₹3.42 Cr (1% margin). EBITDA was ₹9.79 Cr (2% margin). Revenue has grown at a compounded annual rate of +16% over three years and +34% over five years.
- ₹555 CrRevenue · FY 2025 · +9% YoY
- ₹3.42 CrNet profit · 1% margin
- ₹9.79 CrEBITDA · 2% margin
- ₹5.01 CrPaid-up capital
- 266Employees (provident fund records)
- +16%Revenue CAGR, 3 years
- +34%Revenue CAGR, 5 years
Balance sheet, profit and loss, cash flow and ratios of Mindsarray Network Private Limited are on its company page.
Detailed financial statements for Pay1
Statement rows, ratios, five-year trends and downloadable financials of the group companies require an active premium plan.
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- Downloads
Verified entity values are shown only after access is granted.
Timeline of Pay1
3 dated milestones of Pay1 across 3 years, from founding to its latest funding, stage changes and deals.
- Founded Pay1 is founded.
- Funding First funding round of $33K.
- Milestone Reaches Minicorn status.
Competitors of Pay1
Pay1 has 3 listed competitors in our database, 3 of them funded. They include Dvara KGFS, Pay Point India and Ezetap.
| 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. | |
| ezetap.com | 2011 | Bengaluru, India | $66.4M | 532 | Cloud-based mPOS software and hardware solutions are provided for businesses. |
Detailed competitors of Pay1
The full competitor set, operating metrics and side-by-side benchmarks require an active premium plan.
- Full competitor set
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Verified entity values are shown only after access is granted.
Web traffic of Pay1
The website of Pay1 (pay1.in) receives about 3.4M visits a month and ranks #57,710 among all websites worldwide, #3,651 in Finance.
- Monthly visits3.4M
▲ 154.9% vs previous month
- Unique visitors155.2K
per month
- Global rank#57,710
among all websites
- Category rank#3,651
Finance · Finance
- Bounce rate24%
- Pages per visit3.1
- Average visit4 min 48 sec
- DevicesDesktop 38% · Mobile 62%
Websites whose visitors overlap most with Pay1. Affinity shows how closely the audiences match.
| Website | Domain | Audience affinity | Monthly visits | Global rank | Profile |
|---|---|---|---|---|---|
simplyrecharge.in | simplyrecharge.in | 100% | – | ||
| instantpay.in | 87% | 354.8K | #156,336 | View details | |
| apdcl.org | 86% | #59,719 | View details | ||
| masterpay.pro | 84% | 341K | #154,988 | View details | |
| payism.biz | 82% | #313,742 | View details | ||
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
All 37 similar websites and full traffic analytics for Pay1
The complete similar-websites list, audience overlap and engagement analytics require an active premium plan.
- 37 similar websites
- Audience overlap
- Engagement analytics
- Traffic by brand
Verified entity values are shown only after access is granted.
Top companies in Autonomous & In-Store Retail Tech
3 companies that operate in the same segment as Pay1 (Autonomous & In-Store Retail Tech) in India, ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
App-based bookkeeping solutions are offered for small business management. | 2018 | Bengaluru, Karnataka, India | USD 186.62 M | USD 165.88 K | ||
Retail intelligence platform is developed for brands and B2B retailers. | 2008 | Bengaluru, Karnataka, India | USD 21.11 M | USD 7.69 M | 345 | |
Platform powering online and in-store retail operations using AI-driven tools | 2012 | Mumbai, Maharashtra, India | USD 16.02 M | USD 43.86 M | 851 |
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Related news about Pay1
Complete news archive for Pay1
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Frequently Asked Questions about Pay1
Pay1 was founded in 2011 and raised its 1st funding round 3 years after it was founded.
Pay1 is headquartered in Mumbai, India. It is registered at Mumbai, Maharashtra, India.
Pay1 is a funded company, having raised a total of $32.66K across 1 funding round to date. The company's 1st funding round was a Angel Round of $32.66K, raised on Mar 2014.
Pay1 has 266 employees.
The primary company behind Pay1, Mindsarray Network Private Limited, reported revenue of ₹555 Cr for FY 2025, up 9% year on year.
Founded in 2011 and based in Mumbai, India, Pay1 operates in the financial services sector. Bill payment and mobile recharge services are offered alongside banking options such as AePS and Micro-ATM. Payment processing is facilitated through QR codes, UPI, and card readers. Additional offerings include travel bookings, e-governance services, cash collection, khata record-keeping systems, and platforms for trading used mobile phones, targeting small businesses.
Pay1's top competitors include Ezetap, Pay Point India and Dvara KGFS.
Pay1 has 5 investors. Key investors include Rajiv Sinha, Rajnikant Sinha, Tanuj Goyal, Utsav Agarwal, and Alakh Naresh Gargiya.
The valuation of Pay1 is $1.32M as of Mar 2014.
Pay1 is associated with 2 legal entities: Mindsarray Network Private Limited, Mindsarray Technologies Private Limited.
The legal entities of Pay1 currently have 5 directors, including Ashish Arya, Vinit Raghunath Khanvilkar, Chirutha Jaybandhu Dalal and others.
The website of Pay1 receives about 3.4 million visits a month and ranks #57,710 among all websites worldwide.