Bengaluru-based mobile point of sale (mPoS) solutions provider Ezetap has reported fresh cash infusion from its Singapore-based parent company.
According to the ministry of corporate affairs filings accessed by Inc42, the latest infusion came on Tuesday (February 25) of INR 2.62 Cr with recent rounds totalling over INR 30 Cr. Here’s the breakdown of recent cash infusions by the company’s parent entity:
- February 2020: Ezetap issued 2,919 equity shares at a nominal value of INR 10 with a premium of INR 8966.84 per share worth INR 2.62 Cr
- December 2019: Ezetap issued 15,892 equity shares at a nominal value of INR 10 with a premium of INR 8922.79 per share worth INR 14.19 Cr
- August 2019: Ezetap issued 7,991 equity shares at a nominal value of INR 10 with a premium of INR 8697.29 per share worth INR 6.95 Cr
- July 2019: Ezetap issued 8,165 equity shares at a nominal value of INR 10 with a premium of INR 8515.41 per share worth INR 6.96 Cr
Previously, Ezetap has raised $51 Mn in funding from investors such as JS Capital Management, Social Capital and Horizons Ventures among others.
Founded in 2011 by Abhijit Bose, Bhaktha Keshavachar and Sanjay Swamy, Ezetap’s proprietary technology has helped integrate its mPOS payment experience into a variety of software applications and systems commonly used by merchants.
Ezetap claims to have deployed over 230K smart service points on its platform with customers ranging from brick-and-mortar retailers, ecommerce players, leading enterprises, and financial inclusion organizations. Ezetap claims to process over $2 Bn annually.
Ezetap enables businesses to accept any type of payment, via any type of digital instrument (Cards, Wallets, Apps) through a single application. Ezetap has products across digital payments space including the first mPOS SDK (2011), $50 Chip/PIN/Swipe device in the world (2013), and the first unified API for Physical Cards, Online Cards, All Wallets, and Unified Payments Interface (UPI) (2016).
In June 2017, the mPOS startup acquired FortunePay for an undisclosed amount. The acquisition was made to help Ezetap further expand its payments technology.
According to DataLabs by Inc42, till 2018 Indian digital POS terminal startups raised $406 Mn in funding. Some of the notable POS terminal providers are Mswipe, Pine Labs, Innoviti, Mosambee, Phonepe, Payswiff among others. India’s POS terminal market is estimated to reach $450 Mn at a CAGR of over 10% from 2017 to 2024.