Mumbai-based mobile POS solution provider Mswipe has raised ₹210 crores ($30 million) in its series E round of funding from existing investors Falcon Edge, B Capital, DSG Growth Partners and Epiq Capital.
“2019 marks our move into the next orbit of growth. We expect to be serving well over a million merchants by this time next year, making us one of the largest and most capital efficient merchant acquirers in the country. Also, on the anvil are tech-powered products that will add significant value to merchants including an app-based ecosystem to help our merchant partners beyond payments. We are big believers in offering merchants access to a merchant-friendly cost-effective open ecosystem,” said Manish Patel, Founder and CEO, Mswipe.
Mswipe is an independent mobile POS merchant acquirer and network provider. The company believes in serving the smallest of merchants. India currently has 12-15 million SMEs and mobile POS is the only channel which can efficiently link these SMEs to mainstream financial services and digital commerce.
“Mswipe is well positioned to be the leading SME financial services platform in India. Its market-leading POS solutions have a significant paying installed base and distribution, and growth initiatives such as EMI cards enhance the core value proposition and will help drive scale in the coming years,” said Rishi Navani, Founder and Managing Partner, Epiq Capital.
Today less than 500,000 SMEs have any type of POS. Mswipe aims to provide seamless mobile POS solutions to such merchants across India and create India’s largest financial services platform for SMEs. Mswipe secure mobile POS solution that works with smartphones, tablets, computers, and links to the bank account.
“We have been very fortunate to have worked with Manish and his team since Mswipe’s inception. Over the last seven years, we have seen Mswipe grow into India’s largest non-bank merchant acquirer. We look forward to continuing this partnership as Mswipe embarks on the next phase of its growth journey. We believe that the ecosystem that Mswipe is building will become an integral part of India’s payment ecosystem,” said Deepak I. Shahdadpuri, MD, DSG Consumer Partners.
Earlier in 2017, Mswipe raised ₹287 crores ($41 million) from DSG Consumer Partners, B Capital Group, UC-RNT Fund, Ola, Meru Capital, Matrix Partners and Falcon Edge Capital. Prior to that in 2015, the startup raised ₹175 crores ($25 million) from Meru Capital, Axis Bank, Matrix Partners India, Falcon Edge Capital and DSG Consumer Partners. The startup has raised ₹682.5 crores ($97.5 million) in total funding.