MINDSARRAY NETWORK PRIVATE LIMITED

Business Overview

• Mindsarray Network Private Limited is the legal entity operating the "Pay1" brand/app (pay1.in), a B2B2C digital payments and financial-inclusion platform for small retailers and distributors, self-described as "Dukandaron Ka Network", Network of Shopkeepers.
• Services include bill payments and utility recharges (150+ billers), digital payment processing/banking services, retail merchant enablement via mobile app and web portal, distributor network services, transaction-based rewards, and loan facilitation.
• Per TheCompanyCheck, Pay1 serves 400,000+ merchants across 2,300+ cities and has facilitated transactions for ~30 million unique customers
• Workforce ~266 employees, as of April 2024. Company email domain csuite@pay1.in / listen@pay1.in confirms the operating brand link. Source: pay1.in (official site), TheCompanyCheck.

Sector & Classification

Listed variously as "Financial services / digital payment solutions" (TheCompanyCheck), "Other information & communication service activities" (Falconebiz), and "Other wholesale n.e.c." (TheCompanyCheck registry classification) — minor conflict across sources on exact NIC code; business is confirmed to be fintech/payments (Pay1 brand)

Directors & Key Management

GST Registrations

Not obtained. PAN AAMCM8184C confirmed (Falconebiz); attempts to resolve individual GSTIN records via findgst.in, mastersindia.co and knowyourgst.com individual-GSTIN lookups returned no data (404/500 errors). Home state would be Maharashtra given registered address, but no GSTIN number, registration count, or status could be verified from reliable sources — reporting as not obtained rather than inferring.

Financials

• FY2025, ended 31 Mar 2025, Revenue: ₹555.1 Cr, +9% YoY, source: TheCompanyCheck.
• FY2024 figures per Falconebiz: Operating revenue range "over ₹500 Cr", revenue +28.22% YoY, EBITDA +100.9% YoY, assets +35.06% YoY, borrowings +15.59% YoY, Debt-to-Equity 47.98, Operating margin 0.22, Net profit margin 0.23, implies FY24 revenue in the ~₹500-510 Cr range, roughly consistent with the ₹555 Cr FY25 figure from TheCompanyCheck at ~9% growth.
• EBITDA, PAT and Net Worth absolute values are behind paywalls on both sources and could not be confirmed — reported as not obtained.
• Standalone vs consolidated basis not specified by either source.
• Partial confidence — figures are single-sourced per metric though direction/magnitude is broadly cross-consistent.

Funding History

• Not obtained via reliable sources in this session — Tracxn company page for "pay1" returned 404 and WebSearch budget was exhausted before alternate funding-round sources (Entrackr/Inc42) could be checked. No funding amounts or investor names should be assumed.

Shareholding

• Not obtained — TheCompanyCheck and Falconebiz both gate shareholding pattern behind premium/paywalled access. Falconebiz notes all 5 directors also hold shareholder status but does not disclose percentages.

Loans & Charges

• Per Falconebiz: 4 Cr across 6 charge filings —
• lenders including HDFC Bank, minor 51 Cr — noting both

Related Parties

• Group/related entities sharing common directors, confirmed by Falconebiz: Mindsarray Technologies Private Limited, Active, ₹1.0 Cr paid-up capital, 3 common directors, and Krumvruddhi Technologies Private Limited, Active, ₹1.0 Lakh paid-up capital, 5 common directors.
• Care taken not to attribute these group entities' filings/ratings/GSTINs to Mindsarray Network Private Limited itself.

Legal & Compliance

• 4 cases found on Indian Kanoon, all writ petitions filed BY the company (not against it), all appear procedural/regulatory rather than adverse judgments:
• 1. Mindsarray Network Pvt Ltd vs Union of India — Bombay High Court, 6 Aug 2025 (writ petition)
• 2. Mindsarray Network Pvt Ltd vs Union of India — Bombay High Court, 16 Jul 2025 (writ petition)
• 3. Mindsarray Network Pvt Ltd vs State of Maharashtra & Ors — Bombay High Court, 24 Feb 2023, criminal writ petition; bench: A.S. Gadkari, P.D. Naik
• 4. Mindsarray Network Pvt Ltd vs State of Gujarat — Gujarat High Court, 9 Jan 2025, content unavailable
• No adverse judgments or citations to/from other cases were found per Indian Kanoon search summary. Source: indiankanoon.org.

Competitive Landscape

• Named peers in the retailer/distributor fintech, assisted-commerce / BC network, space, roughly similar scale tags:
• 1. Spice Money, mid-large scale, large agent network — comparable/larger
• 2. PayNearby, mid-large scale — direct competitor in retail digital-payments network
• 3. Fino Payments Bank, larger scale, listed entity — banking-led retailer network
• 4. NSDL Payments Bank / DigiO-type BC networks, comparable niche
• 5. Setu / Decentro-style B2B fintech infra players, smaller, infra-focused rather than direct network competitor
• 6. BharatPe, larger scale — overlaps in merchant fintech services though different core model
• These are drawn from general market knowledge of the Indian assisted-digital-payments/BC-network space, not from a dedicated competitor-analysis source fetched this session — treat as indicative, not verified via a named source.

Frequently Asked Questions