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).
Last updated 10 August 2026
AI-generated summary from public filings and may contain errors. Verify against the detailed sections below.
Want the full picture on Mindsarray Network Private Limited?
Get AI-powered deep analysis, financial signals and peer comparisons on AICA - Recur Club's AI company-intelligence platform.
Company Identity
Confirmed| Registered name | Mindsarray Network Private Limited |
|---|---|
| CIN | U51909MH2019PTC328157 |
| PAN | AAMCM8184C |
| Status | Active |
| Listing | Unlisted (private limited company) |
| Incorporated | 17 July 2019 |
| ROC | RoC-Mumbai / RoC-Maharashtra |
| Sector (NIC) | Listed variously as "Financial services / digital payment solutions", "Other information & communication service activities", and "Other wholesale n.e.c." — 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 |
| Authorized capital | ₹6,00,00,000 (₹6 Cr) |
| Paid-up capital | ₹5,01,01,520 (₹5.01 Cr) |
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- ₹555.1 Cr, +9% YoY. 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. 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- 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 / conflictingFrequently Asked Questions
What does Mindsarray Network Private Limited do?
What is the CIN of Mindsarray Network Private Limited?
Where is Mindsarray Network Private Limited registered?
When was Mindsarray Network Private Limited incorporated?
Explore on Recur Club
Bharat Ke Super Founders
Recur Club's show spotlighting the founders building India's next generation of companies. Watch their stories.
Looking for business funding?
Recur Club is India's largest AI-native debt platform - working capital, term loans and structured debt from 150+ lending partners, without diluting equity.