Mswipe raises Rs 220 Cr from Falcon Edge and others

Point-of-sale company Mswipe has raised Rs 220 crore in Series E funding round from US-based hedge fund Falcon Edge, Facebook Co-founder Eduardo Saverin’s B Capital Asia, Epiq Capital and DSG Consumer Partners.

The fresh funding for Mswipe came after a gap of 15 months of concluding Series D round worth $41 million.

As per the RoC filing with MCA, B Capital Asia, and Epiq Capital pumped in around Rs 70 crore while Falcon Edge infused Rs 57 crore and DSG Consumer Partners invested Rs 21 crore.

Till date, the Mumbai-based company has raised about $98 million and it is expected to be valued around $450 million.

Mswipe will deploy the latest proceeds towards strengthening and expanding its operations financing the working capital.

Founded in March 2011 by Manish Patel, Mswipe is an independent merchant acquirer and payment services provider that makes mobile PoS (mPOS) devices for merchants.

Besides, the company also has a payment gateway for processing payments online and an automated payment settlement system for merchants via UPI, Google Pay, PhonePe, Bharat QR, and BHIM.

Mswipe competes with the like of Sequoia Capital-backed Ezetap, and to be unicorn in this space - Pine Labs.

Hat tip: paper.vc