India: Mswipe raises $31m led by UCRNT Fund, Axis Bank exits

Point-of-sale venture Mswipe Technologies has raised a $31 million round of funding led by UCRNT Fund, a joint investment vehicle sponsored by Tata Sons Chairman Emeritus Ratan Tata and the University of California.

Existing investors Matrix Partners India, Falcon Edge Capital, and DSG Consumer Partners participated in the Series D round.

According to news reports, the funding round is likely to have valued the Mumbai-based firm at around $200 million. It has so far raised around $56 million in external funding.

The company will use the funds to develop the largest network of merchants accepting digital payments in the country, Mswipe said in a release.

The last fund-raising at Mswipe was in July 2015, when it raised Rs160 crore in a Series C round from new investors such as Falcon Edge Capital, Ola Cabs and Meru Capital. Existing investors Matrix Partners India, Axis Bank Ltd and DSG Consumer Partners also participated in the round.

The transaction has reportedly provided a complete exit to Axis Bank, an early investor in Mswipe, which sold its 8 per cent stake in the company for around $12 million.

Avendus was a exclusive financial adviser to Mswipe for this fund raise.

Mswipe was founded in 2012 by Manish Patel who previously co-founded an alcoholic beverages distribution company called Milestone Merchandise. The company provides a mobile payment solution with a card reader, which can be attached to any mobile phone’s audio (headset) jack. It also company also provides similar card payment solutions for smartphones.

It works closely with smaller banks such as Corporation Bank, RBL Bank Ltd, Shamrao Vithal Co-op. Bank and large banks such as Axis Bank.

The company also has presence in the Middle East, the US and Southeast Asia through partnerships.

Its clients include small and medium enterprises. In the payments services market, Mswipe competes with companies such as Ezetap and Paynear.

The company claimed to have around 240,000 terminals deployed across more than 500 locations in the country , and claims to have recorded annual transactions of about Rs.8,850 crore.

Also Read:

India: Mswipe in talks to raise up to $40m

India: Axis Bank in talks to sell its 8% stake in payments firm Mswipe

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.

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.