Payments Solutions Provider Ezetap Raises Rs 150 Crore From Social Capital Helion and Others
Mobile point-of-sale payments startup Ezetap has raised Rs 150 crore from existing investors The Social+Capital Partnership, Helion Advisors, Berggruen Holdings and new investors Horizons Ventures, the private investment arm for Hong Kong billionaire Li Ka-Shing and Capricorn Investment Group.
Post this investment, Social+Capital founder Chamath Palihapitiya has become the chairman of Ezetap's board.
Ezetap had previously raised $8 million from Helion, The Social+Capital Partnership and Berggruen Holdings in February last year and had followed it up with a strategic investment from American Express a month later. Initially incubated by early stage investment fund AngelPrime, the company has raised around $35 million total investment until now.
Founded in 2011, Ezetap is one of the Square-like mobile point of sale solution providers in India, that enables merchants to convert their mobile phones into point of sale terminals.
The solution comprises of a card reader, Ezetap mobile application and a platform that allows Ezetap to provide customized value-added services and integrate to a merchant's existing systems. The company had also acquired Hyderabad based Clinknow in June last year to offer an integrated payments and loyalty solution for merchants across India.
Ezetap claims to have deployed over 60,000 new points of sale across India in under 30 months and claims to process transactions worth over $1 million on a daily basis. It also claims to be activating over 500 new small retail merchants on a weekly basis and will use some of the fresh funds raised to increase its small merchant base in the next few months.
In June last year, India's largest public sector bank State Bank of India (SBI) had selected Ezetap to deploy 500,000 PoS terminals over the next five years. It had also partnered Citibank to launch a mobile payment solution that will enable credit and debit card holders in India to make payments at the point of payment in January last year.
Ezetap competes with Mswipe that raised $25 million from Falcon Edge Capital, Meru Capital and Ola last month.