India: PoS machine-maker Mswipe raises $32m from existing investors

Photo: Mswipe's Facebook page

Mswipe Technologies Pvt. Ltd, which makes point of sale (PoS) machines for merchants, has raised around Rs 220 crore ($31.6 million) from its existing investors including US-based hedge fund Falcon Edge and Eduardo Saverin-promoted B Capital Asia.

According to regulatory filings quoted by a report in The Economic Times, the round also saw participation from venture capital firms Epiq Capital and DSG Consumer Partners.

MSwipe had last closed its Series D round of funding in 2017 with $10 million from B Capital Group and DSG Consumer Partners. The company had announced the Series D round in June 2017, when it initially raised $31 million from Ratan Tata’s UC-RNT Fund, Matrix Partners India and Falcon Edge Capital.

The filing to the Registrar of Companies showed that B Capital Asia and Epiq Capital invested around Rs 70 crore while Falcon Edge put in Rs 57 crore and DSG Consumer Partners invested Rs 21 crore.

Mswipe is an independent merchant acquirer and payment services provider based out of Mumbai. It makes mobile PoS (mPOS) devices for merchants, a cheaper variety of the more bulky PoS device conventionally provided by banks.

Apart from mPoS devices, the company also has a payment gateway for processing payments online and an automated payment settlement system for merchants.

According to media reports, Mswipe plans to use the Series E funds to strengthen and expand its operations financing the working capital and other business operation requirements.

According to a TechSci Research report, the Indian POS terminals market is projected to grow at a CAGR of over 11 per cent during 2017 – 2022. Post demonetisation, the market of POS terminals witnessed a surge as the cash crunch led by the ban on currency notes of Rs 500 and Rs 1,000 resulted in increasing adoption of several alternate modes of payment such as debit and credit cards, it noted.

In India, Mswipe competes with the like of Sequoia Capital-backed Ezetap, and Actis Capital-backed Pine Labs, which is said to be in advanced talks to close a funding round of around $75 million from existing investors including Temasek and PayPal.

Also Read:

India: PoS machine-maker Mswipe raises $10m from DSG Consumer, B Capital

Temasek-backed Pine Labs eyes unicorn tag with new funding round

 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.