Investments, News

Bangalore based mobile payment startup Ezetap raises funding

EzetapEzetap, a Bangalore based mobile payment company has announced that the company has raised USD 8 million in series B funding, led by Helion Advisors. Other investors participated in the round are Silicon Valley-based Social+Capital Partnership and Berggruen Holdings.

According to the company, The fresh capital will be used to expand Ezetap in Asia-Pacific, Middle East and Africa. This takes the total funding raised by Ezetap to around USD 11.5 million. The company earlier raised USD 3.5 million in Series A funding round in November 2012, from investors including PayPal’s Peter Thiel and Yammer cofounder David Sacks.

Founded in  2011 by Abhijit Bose (CEO), Bhakta Keshavachar (CTO) and Sanjay Swamy, Ezetap serves companies in eCommerce, bill payment, insurance, FMCG, restaurants and other organizations focused on financial inclusion.

Its mPos technology, launched in 2012, enables mobile phones and tablets to accept payments by converting them into a full-fledged Point of Sale terminals by plugging in the Ezetap Card-Reader.

In India, the mPOS trend has taken off rapidly, with a surge of new platforms launched over the past year. This trend may stem in part from an Indian market that boasts almost 300 million plastic cards, but only 600,000 point-of-sale terminals, according to Abhijit Bose, CEO of mPOS.

Mobile payments as a market has seen a lot of action in India lately. Despite that several mobile payment startups have entered the market in last couple of years, many have managed to make their place in VC’s portfolio recently. Other mobile payments solutions companies who have recently raised funding include Livquik, emPay, Mswipe, and more.

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