Mobile card payments firm Ezetap Mobile Solutions Pvt. Ltd has raised $23.53 million from existing investors Social+Capital, a California-based venture capital fund, Helion Advisors, and Berggruen Holdings.
Horizons Ventures, the private investment arm of Hong Kong billionaire Li Ka-Shing, and the Capricorn Investment Group joined this round of funding.
Ezetap, which makes mobile point of sale (POS) devices and uses a pay-as-you-go monthly transaction-based pricing model, plans to use the funds to expand its team and increase the number of POS devices it deploys across the country from 60,000 to 200,000 in the next 12 months.
Commenting on the investment, Abhijit Bose, CEO Ezetap said, “We’ve gone from 50 (retail merchants) a week to 500 a week, and we see that growing 5x (five times) in the next couple of months. We retail 70% in the top 10 (cities), the remaining 30% in the next 25. He also added, “The last segment is most exciting to me, because that’s really where we are going to be expanding our market.”
Bengaluru-based Ezetap raised $8 million in a funding round led by Helion Advisors, Social+Capital, and Berggruen Holdings in February 2014, $3.5 million in November 2012, and an undisclosed amount from American Express in March 2014, reports Business Line.
One of the biggest competitors of Ezetap is Mumbai-based mSwipe Technologies.