Ezetap, which had previously raised $ 8 million from Helion Venture Partners, The social +Cpaital Partnership and Berggruen Holdings and has led itself to procure INR 150 Cr in its latest round of funding from its existing investors along with new investors, Horizon Ventures and Capricorn Investment Group.
Ezetap, founded in 2011, much like Square, a US-based payments company, enables its users (merchants) to turn their mobile phones into a point-of-sale machine. And so far has raised a total investment of $35 million which includes investment from American Express as well.
According to the company, in addition to dealing with payments, the portable and light-weight ATM like device will also facilitate account opening for end users in collaboration with banks.
Ezetap, Bangalore-based startup, was founded by Abhijit Bose (CEO), Bhaktha Keshavachar (CTO), and Sanjay Swamy, former CEO of mChek, a payments company. “The solution is offered at an enticing price point of Rs. 499 (as a non-refundable deposit) with a monthly fee of Rs. 150 and commission of Rs. 5 per cashback transaction,” had explained Sanjay Swamy.
Ezetap claims to have put in place more than 60,000 new points of sale across India within 30 months and process over $ 1 million worth of transactions every day. It also claims to activate over 500 new small retail merchants on a weekly basis.
Last year, the company signed a deal with SBI to deploy 5lakh PoS terminals through out india in the next 5 years. It also acquired Clinknow, Hyderabad-based startup, a loyalty platform that lets merchants create and push real time mobile offers to their customers.
Ezetap’s clientele includes some of the big names of the respective industry such as Big Basket, BookmyShow, Flipkart, Shoppers Stop, Bajaja Allianz, Citi bank and others.