JS Capital Management led funding round helped Ezetap digital payment wallet to raise $16 million.
Other existing investors also participated in this round like Social Capital and Li-ka Shings Horizon ventures to raise their stakes in the firm.
This platform offers merchants to receive digital payments from physical cards, wallets or one-click payments in applications by using Unified Payment Interface and SMS, digital QR code.
Unlike other firms, Ezetap implies software as a service business model for its digital payments. The software used by this platform can put together with the delivery based application, which makes it popular in logistic and e-commerce firms.
Chamath Palihapitiya, CEO of Social Capital said, India is on the brink of a massive surge in consumer consumption, but not until the underlying payments infrastructure is securely in place.
He further added, Ezetap is in an incredible position, with deep IP and no obvious US proxy its like a combination of Stripe, AWS, and Android, built for the complexities of the Indian market.
The startup aims to use these funds for further expansion in India as well as enter into markets in Southeast Asia.