Kolkata, 13th January, 2025: Piston Technologies INC., a pioneering force in digital payment solutions, will be focussing in India market for product development and expanding their operation in USA. Combining cutting-edge QR-based payments technology with a commitment to streamlining transactions, Piston is redefining the payments landscape in USA.
Piston’s platform introduces ground breaking features designed to enhance the B2B payment experience. The QR-based technology enables direct and secure B2B transactions, eliminating the need for intermediaries, while offering significant cost savings by bypassing traditional payment processors. Additionally, the platform provides exclusive perks such as discounts, rewards, and fleet management tools to optimize operational efficiency. Advanced analytics ensure robust security, effectively preventing fraudulent activities. Inspired by India’s Unified Payments Interface (UPI) network and the widespread adoption of digital wallets, Piston merges innovative technology with real-world usability, creating a versatile solution for businesses.
Since its official launch in July 2024, Piston has achieved rapid expansion, reflecting strong market demand. The company has expanded its geographic reach to six states – California, Georgia, Texas, Florida, New York and Arkansas – and 35 cities. Piston has also seen a staggering 50% month-on-month growth rate, with an annualized payment processing volume of $10.4 million. This volume is projected to reach $50 million by March, 2025.
Piston has received a recent funding milestone, securing an early stage investment worth $1.2 Million from Pear.VC, a leading Silicon Valley-based early-stage venture capital firm. This capital infusion is being utilised to accelerate Piston’s market expansion, product development, and operational scaling.
“We will continue to build our fuel offering. We plan to utilize our upcoming round of funding for expansion across the entire US, with a focus on product development and research and development in India to offer new services for customers. We are working to experiment with adding credit facilities for fleets and allowing drivers to use PistonPay for personal purchases like meals and drinks,” said Mr Vikram Sekhon, CEO & Founder, Piston Technologies INC.
“While other cities like Mumbai and Bengaluru are known for start-ups, we chose Kolkata due to its rich technical talent pool, lower costs and higher retention rates. We are looking at building a team here which can align with our vision and help us move faster. This city offers the technical depth we need to build a global product. We are on a mission to transform the payment experience for businesses across the globe. Drawing inspiration from India’s thriving digital payment ecosystem, we are creating solutions that not only enhance efficiency but also redefine how businesses manage transactions,” said Mr Shivam Shah, COO & Founder, Piston Technologies INC.
By mid-2025, PistonPay aims to enable personal item purchases at gas stations and vendor payments, further extending its utility. The company plans to roll out full-scale operations across all 50 states and major cities by the end of 2025. Piston is also targeting $450 million in transaction value by December, 2025 and $2 billion within the next three years.
With a robust global presence, Piston operates engineering and operations out of Kolkata, India, while leadership, sales, and product development are based in the United States. This unique combination of operations from Kolkata and leadership in the US has been pivotal in driving Piston’s growth strategy. By 2026, Piston aims to grow its workforce to 500 employees worldwide, reflecting its commitment to innovation and operational excellence.