Fortune Payment Solutions
Comprehensive end-to-end electronic payment platform and services to acquiring banks and merchants.
Fortune Payment Solutions India Private Limited, operating as FortunePay, was a financial technology company established in Bengaluru, India, in 2011. The firm was founded by Manju Murthy, Shashidhar Puttashamaiah, and Jalaja Reddy Murthy. Positioned within the Indian fintech landscape, the company focused on delivering electronic payment processing solutions to businesses, aiming to address the growing demand for seamless online payment services in both emerging and developed markets. Its core offering was an end-to-end electronic payment platform designed for acquiring banks and merchants, which included a mobile point-of-sale (POS) system and an eCommerce payment gateway.
The company's platform was developed to facilitate the reduction of cash in retail commerce by providing a mobile phone-based card acceptance terminal that could be integrated with various mobile devices for secure transaction acquisition. The business model centered on providing these payment processing services to a clientele of businesses and acquiring banks. Over its operational years, FortunePay secured $1.17 million in funding over two rounds from a mix of institutional investors, including Kae Capital, Bessemer Venture Partners, and Microsoft Accelerator, alongside numerous angel investors. The company's initial funding round occurred on May 17, 2012, followed by a seed round of $1 million on October 19, 2013. FortunePay also participated in the Microsoft Accelerator Bangalore program.
A significant milestone in the company's history was its acquisition by Ezetap Mobile Solutions on June 20, 2017. At the time of a valuation on April 9, 2014, the company was valued at ₹10.8Cr. Following the acquisition, the legal entity Fortune Payment Solutions India Private Limited was recorded as amalgamated. The founders, Manju Murthy, held the role of Co-Founder & CEO, while Shashidhar Puttashamaiah was the Co-Founder & Head of Operations. It is important to distinguish this Indian entity from a similarly named but separate Philippine-based company, Fortune Pay Fintech Inc., which was founded in 2019.
Keywords: FortunePay, payment processing, electronic payments, mobile POS, eCommerce gateway, fintech India, Ezetap acquisition, Manju Murthy, Shashidhar Puttashamaiah, Kae Capital, payment solutions, acquiring banks, merchant services, card acceptance terminal, digital payments India, Bengaluru startup