Bengaluru: With over 900 million active cell phone users in India, the investors seem to be pouring their cash on Indian mobile-based startups. Latest to join the bandwagon are Horizons Ventures and Capricorn Investment Group who invested Rs.150 crore in Bengaluru-based PoS device maker Ezetap. Its existing investors California-based Social+Capital, Helion Advisors and Berggruen Holdings also contributed to this funding round. The company eyes to scale up its workforce and increase the number of devices it supplies from 60,000 to 2,00,000 in the coming year. As a part of this deal, Social+Capital founder & former Facebook executive, Chamath Palihapitiya will be heading the Board of Ezetap as the Chairman.
A Harward MBA - Abhijit Bose, Intel professional Bhaktha Kesavachar and payments industry expert Sanjay Swamy founded Ezetap in 2011. It is a mobile-based payment solutions provider which manufactures the Ezetap device, a portable card reader that can be connected to any smart device or smartphone used by the retailer. Through this device, anybody can accept card payments – right from cab drivers and merchants to grocers and pizza vendors.
The four year old startup processes over $1 million worth transactions each day from large enterprises to thousands of small retailers and claims to be activating over 500 new small retail businesses each week. Ezetap also has tie-ups with leading banks including Citibank, HDFC Bank and American Express and was recently chosen by State Bank of India to be its mobile PoS partner.