Bangalore-based mobile payments solutions provider Ezetap has raised Rs 150 crore in fresh funding from Social+Capital, Helion Advisors and Berggruen Holdings.
The firm, started in 2010 by Abhijit Bose and Sanjay Swamy, had earlier raised an undisclosed amount from Horizons Ventures, the private investment arm for Li Ka-Shing, and the Capricorn Investment Group.
Social+Capital founder Chamath Palihapitiya will become Chairman of Board - the first time the former Facebook executive has taken on this role with a portfolio company outside the United States, the company said in a statement.
Ezetap has deployed over 60,000 new points of sale across India in under 30 months. Ezetap processes transactions worth over $1 million per day and has a customer base ranging from the most well known enterprises to tens of thousands of small retail businesses.
While many enterprises, including some of the leading eCommerce, Insurance and mobile companies, have standardized on Ezetap and deployed its integrated solution, the company also sees huge potential in the smaller and medium business sector, it added.
Ezetap is already activating over 500 new small retail merchants a week and will use some of its funds to increase that by 5X in the next few months.
The Ezetap solution turns any merchant’s mobile device into an intelligent point of sale that is able to read any type of card and complete any type of financial transaction - from a credit card sale to a real-time bill payment, to an ATM cash withdrawal or deposit. Ezetap’s technology has been developed and built in India, and is compliant with global security guidelines.
It has partnerships with leading banks including Citibank, HDFC Bank, and American Express, who is also an investor in the company. Most recently, State Bank of India chose Ezetap to be its mPOS partner in order to help scale electronic payments and banking services to every corner of the country.
Chamath Palihapitiya, Founder & Managing Partner, Social + Capital said, “India is uniquely positioned to build an entirely new financial services ecosystem thanks to advancements like UID. Moreover, it’s clear to us that this revolution will be mobile first – from mPOS to mobile wallets, and that Ezetap is the only company who can seamlessly and agnostically support this fast changing landscape.”