Company Intelligence Profile
Mindsarray Network Private Limited
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).
AI-generated summary from public filings and may contain errors. Verify against the detailed sections below.
Company Identity
Confirmed| Registered name | Mindsarray Network Private Limited |
|---|---|
| CIN | U51909MH2019PTC328157 |
| PAN | AAMCM8184C (source: Falconebiz) |
| Status | Active |
| Listing | Unlisted (private limited company) |
| Incorporated | 17 July 2019 (source: Falconebiz, TheCompanyCheck) |
| ROC | RoC-Mumbai / RoC-Maharashtra (sources agree it is Mumbai jurisdiction; Falconebiz specifies "RoC-Mumbai I") |
| Sector (NIC) | 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) |
| Registered address | 17th Floor, A-1701, JP Decks, General A.K. Vaidya Marg, Near Oberoi Mall, Next to Dindoshi Court, Malad (East), Mumbai, Maharashtra 400097 (confirmed by 3 sources: Falconebiz, TheCompanyCheck, Tofler) |
| Authorized capital | ₹6,00,00,000 (₹6 Cr) — confirmed by Falconebiz and Tofler |
| Paid-up capital | ₹5,01,01,520 (₹5.01 Cr) — confirmed by Falconebiz and Tofler |
Business Overview
Confirmed- 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
Directors
Confirmed| Name | DIN | Role | Appointed |
|---|---|---|---|
| Ashish Arya | 05202157 | - | - |
| Vinit Raghunath Khanvilkar | 05202456 | - | - |
| Abhinav Mathur | 03570888 | - | - |
| Alakh Naresh Gargiya | 08218903 | - | - |
| Chirutha Jaybandhu Dalal | 05202306 | - | - |
Financials
Partial / conflicting- 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
Charges/Loans
Confirmed- Per Falconebiz: total open charges ~₹1.4 Cr across 6 charge filings — Kotak Mahindra Prime Limited (₹0.9 Cr, 3 charges), HDFC Bank Limited (₹0.3 Cr, 1 charge), Saraswat Co-operative Bank Ltd (₹0.1 Cr, 1 charge), ICICI Bank Limited (₹0.1 Cr, 1 charge)
- TheCompanyCheck reports open charges of ₹1.51 Cr and satisfied charges of ₹1 lakh, lenders including HDFC Bank (minor figure conflict between sources on exact open-charge total, ₹1.4 Cr vs ₹1.51 Cr — noting both)
Legal (Indian Kanoon)
Confirmed4 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.
Competitors
Partial / conflictingNamed 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.
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