Mswipe Technologies raises funds from Ratan Tata-backed UC-RNT Fund

Mumbai-based point-of-sale (POS) startup Mswipe Technologies has raised Rs 206 crores led by UC-RNT capital. UC-RNT capital is a joint venture of Ratan Tata and the University of Califronia.

The investment round also witnessed the participation from its existing investors, including US-based hedge fund Falcon Edge Capital, investment company Meru Capital, ride-hailing app Ola, DSG Consumer Partners and Matrix Partners.

Investment has both primary and secondary components. Axis bank, which was an early investor in the company since last six years with 8 per cent stake, got a complete exit. As reported by the ET, Axis bank sold its stake in $12 million as the company Mswipe was valued at $200 million.

Post demonetization, digital payments boosted up at a large scale and POS companies got benefitted by new orders from the banks and from other merchants who are bound to accept digital payments by POS.

Around 5000 POS devices are used by Spicejet for on-the-air sales and Mumbai Police for collecting fines against traffic violations.

As reported by the ET, Mswipe technologies currently have deployed 2.4 lakh terminals at 500 locations across the country, it claims to have recorded annual transactions of about Rs 8,850 crore.

Major competitors for Mswipe technologies are Pine labs and Ezetap. Mswipe is focusing on its expansion and for the same, it has acquired PayU for offline POS business and also partnered with Sodexo and Samsung Pay to expand its acceptance infrastructure.