Mswipe a Mumbai based mPOS network provider raised $31.5 Million in series E funding round.
Mswipe network assists merchant to avail plastic card payments through smartphones or ordinary feature phones.
Indian POS terminal market is expected to attain $450Million by 2024
According to Ministry of Corporate affairs filing, the company has raised funds from DSG Consumer Partners, Falcon Edge, Epiq Capital, and B Capital. The company has raised the funds by issuing 219.8K Series E Compulsorily Convertible Preference Shares (CCPS) with a nominal value of INR 10 at a premium of INR 9,950 per share. DSG Consumer Partners invested Rs. 20.9 Crore in fund round by acquiring 21,000 CCPS. Epiq Capital was assigned 36,312 CCPS at INR 36.16 Crore and Epiq Capital B has issued 35,140 CCPS at INR 34.99 Crore. Falcon Edge invested Rs. 59.6 Crore in fund round by holding 57,146 CCPS and B Capital Asia was issued 70, 281 CCPS at INR 69.9 Crore.
Mswipe was founded by Manish Patel in 2011 and it provides the mPOS network. This network assists merchant to avail plastic card payments through smartphones or ordinary feature phones. In the previous round of funding the company has raised $73.3 Million from Marquee investors.
Mswipe is planning to use raised funds in expanding recent business activities of the company by providing capital to several business operation requirements and working capital. Mswipe in 2017 has acquired PayU a payment gateway service provider firm. Since then it is providing their merchants a facility to do in-house payments. It assisted the company in diversifying its offerings and creating end to end payment service systems.
Indian POS terminal market is expected to attain $450 Million by 2024 and Mswipe exists as a major player and is giving tough competition to Ezetap, Pine Labs and others.
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