Mumbai-based point-of-sale (POS) startup Mswipe Technologies has raised $10 million in funding from B Capital Group and DSG Consumer Partners, closing its Series D round.
The payments firm had raised about $31million in June, this year as part of this round that saw the participation of Ratan Tata-backed UCRNT fund along with Matrix Partners, Falcon Edge Capital, Meru Capital, ride-hailing app Ola and DSG Consumer Partners . Thus, the total amount of money raised stood at $41million for Series D.
Axis Bank, which was an early investor in the company since the last six years with 8 per cent stake, got a complete exit in the last round of funding.
Till date, the company has raised $66 million in funding from its investors. Last July, the firm closed Series C funding of $25 million, with new investors including Falcon Edge Capital, Ola Cabs, and Meru Capital.
As a part of this investment, Facebook co-founder and partner at B Capital, Eduardo Saverin, will join the Mswipe board.
The start-up will use the latest proceeds to expand its payment acceptance network through tie-ups with retail merchants for card and digital payments and to strengthen its product development capability.
“At Mswipe, we are at the forefront of the payments revolution by powering acceptance infrastructure at the merchants’ end, enabling them to accept card and digital payments in a hassle-free manner. B Capital’s expertise in the sector and its exceptional network in Asia will be an important ingredient as we shift orbit and execute our next phase of growth,” said Manish Patel CEO Mswipe, reported Mint.
Mswipe was founded in March 2011 by Patel. It has a network of 280,000 PoS terminals in India across 650 towns and cities in India.
In May, Mswipe acquired PayU’s offline PoS division and launched BharatQR and UPI acceptance for building its open digital payment capabilities as a platform.
Major competitors for Mswipe technologies are Pine labs and Ezetap. In August Ezetap raised $16 million in a growth round led by JS Capital Management, a US-based venture capital fund.
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.