In the past some time, mPOS market has seen significant growth and it is sure to overtake and replace the traditional POS industry. Experts predict that the mPOS is evolving and players in this segment could soon be adding 10,000-15,000 merchants a month.
Mosambee, dealing in the mPOS segment, has raised an undisclosed amount in its Series B round of funding from existing investors Rajasthan Venture Capital Fund (RVCF) and SIDBI Venture Capital Ltd, the former investing a little more than the latter. As part of the deal, both RVCF and SIDBI will get a significant minority stake in Mosambee.
According to Girish Gupta, CEO of RVCF, “RVCF and SIDBI will invest in two tranches and the deal is expected to close in six months.” The first half of the total investment has already been provided to the startup. The company plans to use the funds raised to complete its products and enhance their capabilities. Previously, in 2013, Mosambee had raised $1 Mn in funding from SIDBI and RVCF.
Mosambee is an EMV & AADHAAR compliant tablet based mobile (POS) Point of Sale system which provides end to end payment solutions for Bank, Cash, Cheque, Debit and Credit Card transactions. It enables mobile phones to function as card reading machines for real-time bill payments.
“Our services support all major global card schemes including Mastercard, VISA, American Express, Diners and JCB. The company also leverages the products created by NPCI to provide its users a complete payments experience,” says Alok Arora, CEO of Mosambee.
At the time of its launch, Mosambee claimed to be the only mPOS company in India to have obtained clearance from Reserve Bank of India to offer services. Though they had a modest beginning when the startup entered India with only a handful of merchants, but they are now adding around 80-100 merchants on a daily basis.