India-based payment acceptance solutions provider Mswipe Technologies raised INR2.2bn ($31.6bn) from existing investors in a Series-E funding round to grow business.
The investors included US-based hedge fund Falcon Edge, technology investment firm Epiq Capital, Facebook co-founder Eduardo Saverin-promoted B Capital Asia and DSG Consumer Partners.
Mswipe fund raise
According to Registrar of Companies (RoC) filings, B Capital Asia and Epiq Capital invested around INR700m ($10.06m), Falcon Edge contributed nearly INR570m ($8.2m) and DSG Consumer Partners invested INR210m ($3m).
This new round of funding took place after the company’s Series-D funding in 2017. In that funding round UC-RNT, backed by former chairman of Tata Group Ratan Tata, pumped nearly INR2bn into the company along with the company’s existing investors.
Founded in 2011, Mswipe enables small and medium-sized enterprises to accept card-based payments through their mobile devices.
The company’s POS terminals process transactions for all major card schemes like Mastercard, Visa and RuPay.
The funding comes at a time when its rival Pine Labs is reportedly in talks to buy digital gift card firm Qwikcilver Solutions for more than $100m.
In December last year, India-based digital lending company CASHe partnered with Mswipe to introduce co-branded EMI cards for its customers in the country.