Funding
Mswipe Raises Rs. 200 Crore From Ratan Tata led UC-RNT Fund
Mobile point of sale service provider Mswip has raised Rs. 200 crores funding from Ratan Tata led UC-RNT Fund along with Matrix Partners. This Series D funding round also saw participation from Falcon Edge Capital, and DSG Consumer Partners.
According to a statement released by the independent POS firm, the funds will be used to develop the largest network of merchants who accept digital payments across the country. They currently have a payment network of over 2,46,000 terminals spread across 550 cities. This Mumbai based payment service was launched in 2011 by Manish Patel and posted a revenue of Rs. 57.4 crores for the year through March 2016.
Founder and CEO of Mswipe, Manish Patel said they were developing the next generation Android based smart POS terminals to offer merchants capabilities like GST compliant billing and inventory management. He added merchants can develop customized Android applications and integrate their payment platform while ensuring the same level of security.
Total transactions enabled by the company annually across its network stands at Rs. 9,560 crores with over 80% of its consumer base comprising of SME merchants. Managing Director of Matrix India Vikram Vaidyanathan speaking about Mswipe said their open technology platform that enables all merchants to accept any payment instrument sets them apart.
According to reports, existing investor Axis Bank declined to invest in this round of funding and decided to exit the venture. Axis Bank sold their 8% stake in the company for Rs. 80. 94 crores and the transaction will be completed by July 2017.
Ratan Tata led UC-RNT Fund is a joint venture between Tata Sons Ltd., Chairman, Ratan Tata and the University of California, who most recently invested $100 million in Ola.
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