Success Story of PayKun- The Easiest Payment Gateway to Accept Online Payments

Company Profile is an initiative by ListMyStartUp to publish verified information on different startups and organizations. The content in this post has been approved by PayKun.

With the digital revolution prevailing in the worldwide payment system, breaking all the possibilities and introducing something new in the payment infrastructure and ecosystem is essential for businesses to keep up with the times. All kinds of businesses have to adapt to it to satisfy the demands of the customers and for the small-scale companies and startups, this becomes a mandate to grow and flourish further. PayKun was launched by five friends from Gujarat; Nikunj Yadav, Prashant Kambad, Vijay Yadav, Deepak Dabhi and Nirav Solanki, in the year 2018, with the primary intention to introduce ease and integrity into the online payment system.

It allows the customer to make an online payment to the merchants using the payment gateway with their preferred option out of multiple options available with it. It is a secured and reputed solution for the sellers and the service providers and also the most affordable one. It can be used with or without a website with no technical know-how from the merchant-side. Read this article to know more about PayKun.

PayKun - Company Highlights

  • Startup Name-PayKun
  • Headquarters-Bhavnagar, Gujarat, India
  • Industry-Fintech
  • Founders-Nikunj Yadav, Prashant Kambad, Vijay Yadav, Deepak Dabhi and Nirav Solanki
  • Founded-2018
  • Parent Organization-Paykun Payment Solutions Private Limited

Paykun - About

PayKun Payment Gateway was founded in May 2018 to introduce an easy solution for online payments for all types of businesses from small, medium to large. Any kind of merchant including a freelancer, a YouTuber, a blogger, an offline seller at the shop or showroom, or an individual, needs to have an easy option available for the collection of digital payments.

So with a primary vision to empower business enterprises of all sizes to accept digital payments for their business in the most secure and easiest way possible with a reliable platform, PayKun was developed. Thus, being a Payment Partner, its mission is to provide entrepreneurs with a simple, hassle-free and affordable online payment solution.

It has been growing ever since. It provides 120 payment method options including:

Debit/Credit cards, Master Card, Visa, Diners Club, Amex

80+ Net Banking

Wallets (Paytm, Mobikwik, JIO Money, Freecharge, Ola money, Amazon Pay, Phonepe)

UPI/BHIM (Bhim, Paytm, Phonepe, Whatsapp, Google pay)

Single QR Code (Bhim, Paytm, Phonepe, Whatsapp, Google pay)

PayKun is a PCI DSS Level 1 Compliant that facilitates a totally safe and secure funds transfer. It provides free plugins and SDKs readily available on the internet to integrate with all the major platforms of website and mobile application. If there is no website or app, the merchants can facilitate the online payment for their customers with its Payment Links and Master Links.

It is successful in fulfilling its primary objective of providing the payment gateway solutions in the most affordable and cost-effective manner. It provides its services at among the lowest rates in the market and has taken its place among the cheapest payment gateway solutions in India.

Paykun - Target Market

Payment Gateway acts as a medium between the merchants, customers and the respective banks to make the fund transfers possible directly into the merchant’s bank account. PayKun as a payment gateway supports all categories of the business apart from a few exceptions. Its primary focus has always been to help small and medium businesses grow.

Along with that, it also facilitates high-volume transactions and handles the large enterprises, for them to collect the money for the products or the services they sell. According to the business activities they tend to make the process flexible and customized and serve the society with the first intention to provide ease of access.

Paykun - Founders/Owners

The Founders of PayKun are Nirav Solanki, Vijay Yadav, Deepak Dabhi, Prashant Kambad, and Nikunj Yadav.

Prashant Kambad graduated with a Bachelor in Engineering in the IT field and as a Chief Technology Officer manages the Technological Development at PayKun.

Nirav Solanki, Vijay Yadav, Deepak Dabhi, Prashant Kambad, Nikunj Yadav

Paykun Founders

Nikunj Yadav graduated in the Bachelor of Computer Applications and manages Server management, Server security & Database management as a Server Administrator at PayKun.

Vijay Yadav is a Bachelor in Mechanical Engineering. He overlooks the Business development, all the legal work, and Banking Procedures at PayKun.

Deepak Dabhi has got a Diploma In Computer Science and manages Accounts, Human Resources and Graphics & Design in the company as the Chief Finance Officer and now the CEO f PayKun.

Nirav Solanki graduated with a Bachelor in Engineering in Information Technology and as a Chief Marketing Officer (CMO), manages the sales, marketing, and customer service departments.

How was Paykun Started?

None of the founders cum directors had any prior job experience . They were newly graduated from their respective fields and no one was interested in pursuing a job. So together with the same notion, they started a small freelancing business. They set up a new office and started their work.

They got the need of using the payment gateway for collecting the online payments from their clients. They applied with many different ones but were unsuccessful to get one. They got a very delayed response from them and the whole experience was very upsetting. But this inspired them to start their own payment gateway solutions which would make it easy and cost-effective for small businesses like theirs to get a payment gateway in an easy and affordable manner.

They struggled a lot for the first 6 months which were only spent researching and knowing things like RBI rules, legal requirements, technology, etc because none of the five directors are from the Fintech industry. Later they took 2 years for the implementation part like the technology and infrastructure development, security and RBI compliances, etc and launched PayKun on 15 August 2018 and officially registered it on 31st May 2018.

Paykun - Name, Tagline and Logo

Pay means one would be able to make the payment with the payment gateway easily and - Kun is the Arabic word which means ‘to be’, so together it is named PayKun with the meaning that there is an easy payment gateway now in existence.

With their insistence on bringing ease to the genuine businesses in all ways, the directors had together came up with this name.

Paykun - Competitors

Some of the top competitors of Paykun are:

  • RazorPay
  • Instamojo
  • PayUMoney.

With the demand for online payments and the payment gateway rising, the solutions providers are also increasing. There are various payment gateways already in existence and many startups have also been introduced in the market. There is strong competition out there.

Paykun - Startup Challenges

Developing this huge setup in a tier 3 city and having no background in the FinTech field made the inception challenging. They hired a staff of 15 but the team was small and they couldn’t get more because of the limitation existing in the city. They overcame that and have been functioning well after that.

Paykun - Funding

Paykun hasn't raised any funds from third party yet. It is bootstrapped (June 2021).

“We have a few side projects running which keep the PayKun fueled. We have never raised the funds from any third party and aren’t planning to have it in the near future,” says the founder and CTO, Prashant Kambad.

Paykun - Startup Launch and Growth

The launch of PayKun itself was a breakthrough for the founders, because it was quite a challenging venture for them. In one year they had crossed 10000+ merchant registration and that was quite a success. They had started with 15 employees and reached to a staff of 50+ today.

It is necessary to introduce what is in demand. Initially, PayKun had 40 payment methods integrated and the number has now reached more than 120. The international services were developed and recently launched at the start of the year 2020. Also, PayKun has processed successful transactions worth 700+ million till today.

PayKun handles all the requirements with ease and with its free integration services there is no technical knowledge required on the merchant side. It has been providing its services at the lowest rates with no set up or maintenance charges and zero hidden fees by not levying unnecessary charges. The PayKun Plugins and SDKs are available online which make the whole integration and technical part hassle-free.

Paykun - Future Plans

“We aspire to onboard all the genuine Indian businesses of all kinds and size and make every business digitised. Also would offer all the possible features at one place.” says the founder and CTO, Prashant Kambad.

Paykun - FAQs

What is Paykun?

It is an easy solution for online payments for all types of businesses from small, medium to large. Any kind of merchant including a freelancer, a YouTuber, a blogger, an offline seller at the shop or showroom, or an individual.

Who is the owner of Paykun?

Paykun Payment Solutions Private Limited is the parent company of Paykun. The founders of PayKun or the PayKun owners are Nirav Solanki, Vijay Yadav, Deepak Dabhi, Prashant Kambad, and Nikunj Yadav. The PayKun CEO is Deepak Dabhi.

What is the PayKun Funding till date?

Paykun hasn't raised any funds from third party yet. It is bootstrapped (June 2021).

Does PayKun accept international payments?

Yes, PayKun accepts international payments and is considered the most affordable international payment gateway in India. It has the lowest transaction rates for international Payment.

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