Enterprise payments solutions firm Ezetap recently said it has raised $16 million ( Rs 102 crore ) in a growth round led by US-based VC Fund, JS Capital Management of Jonathan Soros.
The round also saw participation from its existin investors Palo Alto-based Social Capital and Li Ka-Shing’s Horizons Ventures, increasin teir stake in te company. As part of this round, Salil Seshadri from JS Capital Management will join Ezetap’s board, the press note added.
“We have been watching what’s been going on in fintech in India for several years, and have been impressed by the number of technical, business, and operational challenges that Ezetap has solved enroute to creating the model for how we believe payments will be handled in the future,” said Soros, founder and chief executive of JS Capital Management.
The company will invest the funds in an aggressive sales and marketing effort and scaling its suite of enterprise solutions. Ezetap has set sights on monthly transaction volumes of Rs3,000 crore in one year, up from Rs800-900 crore a month it does currently.
“The money now is to invest in increasing our scale and market share; now we have an opportunity to go in every sector with a tailor-made solution that supports all payment methods,” Bose said.
The effort will be to sell to top firms in e-commerce and logistics, insurance, telecommunications and oil and gas sectors, and also provide payments infrastructure for large government projects including smart cities, Bose said.
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Popular for its pocket-sized mobile point-of-sale (POS) devices that work alongside Android phones, Ezetap has over the years evolved as a payments platform targeted at enterprises. The Bengaluru-based firm has developed a software framework that allows businesses to configure the Ezetap platform with their existing CRM framework and any internal and external applications.
“India is on the brink of a massive surge in consumer consumption, but not until the underlying payments infrastructure is securely in place,” said Chamath Palihapitiya, founder and CEO of Social Capital.
“Ezetap is in an incredible position as the leading platform for Indian merchants, with deep IP and no obvious US proxy – it’s like a combination of Stripe, AWS and Android, built for the complexities of the Indian market,” Palihapitiya said.
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