Internet, Investments, News

Mosambee raises $1M from SIDBI Ventures

Mobile Point of Service aka mPos Mumbai based startup, Mosambee, has raised seed round funding of around $1 million from Sidbi Ventures, states a report. A service offering of Synergistic Financial Networks Private Ltd, it has launched its services 3 months back in Dubai, and is currently in the piloting mode in India.

The raised capital is expected to be utilised for ramping up the marketing and delivery infrastructure. It is looking at an official launch in India by the end of this month.

Mosambee offers multi-mode payment solutions for merchants, banks and payers. Since phone-in, ecommerce and IVR transactions do not have a specific point-of-sale defined, Mosambee sees itself as a firm providing payment capability at point-of-delivery. This includes delivery of products as well as services.

It also enables mobile payments by a small Mosambee card reading device into the audio jack of merchant’s mobile handset. Its other services include chip and pin EMV certified device.

It claims to be the only mPOS company in India to have obtained clearance from Reserve Bank of India to offer services. It also claims they are first to launch such a solution in the Indian payment ecosystem.

Mosambee was founded by Arora along with Bhushan Thakkar Aditya Anand and Sameer Chugh.

Recently Ezetap, MobiSwipe mPoS, MSwipe have also raised funds; iKaaz, PayPOS and MTS mPos are the other mPos companies.

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