Mumbai-based Mswipe Technologies which is a point of sales venture secures Rs 200 crore in a funding round by UC-RNT, the joint fund of University of California and Ratan Tata.
On the other side, existing investor Axis Bank sells its own stake of 8% for 12 million and completely exits the firm.
Major existing investors Falcon Edge Capital and DSG Consumer Partners, investment company Meru Capital, ride-hailing app Ola, Matrix Partners also invested in the latest round, Matrix Partners said company statement. It added that the company plans to use the raised funds in order to create a database of a wide network of merchants accepting digital payments in the country.
Mswipe is developing the next-generation Android-based smart point-of-sale terminals that will offer merchants GST-compliant billing and inventory management on the same device, said Mswipe founder and CEO Manish Patel.
Vikram Vaidyanathan, Managing Director at Matrix India said that In a rapidly changing payments landscape, Mswipes open technology platform and ability to deliver solutions at the lowest cost sets them apart. We are privileged to partner with Manish and team on their journey to create Indias largest digital acceptance network.