Indian mPOS provider Ezetap raises $23 million in funding round
India-based mobile point-of-sale provider Ezetap Mobile Solutions Friday announced it has raised $23 million in new funding from current and new investors.
Ezetap's current investors, Social Capital, Helion Advisors, and Berggruen Holdings are joined in this round by Horizons Ventures, the private investment arm for Li Ka-Shing, and the Capricorn Investment Group, according to a press release. Social Capital founder Chamath Palihapitiya will become chairman of the board, the first time the former Facebook executive has taken on this role with a portfolio company outside the U.S., according to the announcement.
Ezetap said it has deployed 60,000 new mPOS devices across India in under 30 months. Ezetap processes transactions worth over $1 million per day and has a customer base ranging from the most well known enterprises to tens of thousands of small retail businesses, according to the announcement.
Ezetap has partnerships with leading banks including Citibank, HDFC Bank, and American Express, who is also an investor in the company. Most recently, the State Bank of India chose Ezetap to be its mPOS partner in order to help scale electronic payments and banking services to every corner of the country, according to announcement.
"Our vision is to be the most preferred, lowest cost, and universal platform through which businesses transact and engage with their customers," Abhijit Bose, co-founder and CEO of Ezetap, said in a statement. "This funding, along with Chamath's active guidance from scaling Facebook, gives us the fuel to help Ezetap realize our vision and massive potential."