Jakarta-based point-of-sale (POS) provider Moka has announced the acquisition of Mumbai-based contextual marketing company GetFocus for an undisclosed amount. The companies are looking at combining their synergies to strengthen their technology capabilities and leadership.
At the same time, Moka has raised $24 Mn in a Series B funding round led by Sequoia Capital India to set up an Indian Technology Centre and take its POS system to large enterprise clients.
New investors that joined the round include Sequoia India and Softbank Ventures Korea, EV Growth, and EDBI, the investment arm of Singapore’s Economic Development Board. Existing investors Convergence, Fenox, and Mandiri Capital also participated in the round.
Moka was founded in 2014 by Haryanto Tanjo and Grady Laksmono to provide end-to-end POS and payment solutions that empower small and medium businesses in Indonesia to increase their sales.
GetFocus was founded in 2014 by Prateek Chaturvedi and Manoj Gudi founded to provide a comprehensive Indoor Positioning Solution for app developers. GetFocus boasts clients such as BookMyShow, HDFC Bank, among others. The company claims it has a total download base of 10 Mn end consumers who are using its services.
Prateek Chaturvedi, CEO of GetFocus, said, “Moka’s vision and mission truly inspired us at GetFocus. We have long seen how technology is disrupting traditional retail and providing a much better experience to the end user along the way. We are glad to partner with Moka in their journey and solve for some of the largest problems faced by the 65 Mn merchants in Indonesia every day.”
Moka’s India Technology Centre is being set up in Bengaluru by Chaturvedi and aims to double its workforce by December.
Haryanto Tanjo, CEO, Moka, said, “Moka has been growing very rapidly in the past and we have more than 12,000 merchants using our services every day. We realised the need to have a very strong technology and research arm in India and acquiring GetFocus will help us strengthen our technology excellence and leadership and bring the best services for your customers.”
Moka provides a point-of-sale application and an integrated digital payment solution at the storefront. It also offers a loyalty feature that businesses can use to reward their customers with points to keep them coming back.
Moka helps businesses in the backend by creating sales and gross profit reports across multiple outlets, tracks inventory, receives feedback from customers, and provides analytics on what items are selling the most, what items are running out, when are the stores’ busiest hours, and more.
Harshvardhan Rajgarhia, an angel investor at GetFocus, said, “It has been a pleasure to work with the GetFocus team from their early days. A lot of Indonesian firms are expanding into India, and we see GetFocus’ acquisition as a welcome sign that this market will grow.”
The growth potential of point of sales (POS) and mobile point of sale (mPOS) companies in India is huge. The enterprise collaboration market is estimated to touch $49.51 Bn by 2021. The Indian POS terminal market is pegged to reach $450 Mn at a CAGR of over 10% from 2017 to 2024.
Analysts at Beige Market Intelligence expect the global POS terminal market to grow at a CAGR of 12.53% during the forecast period 2016–2022.
In a recent What The Financials analysis, Inc42 found that a total funding of $406 Mn has been raised by Indian digital POS terminal startups. Some of the notable POS terminal providers here are Ezetap, Mswipe, Pine Labs, Innoviti, Mosambee, Payswiff (earlier known as Paynear), among others.
Pine Labs has so far secured the highest funding of $227 Mn with more than half the amount — $125 Mn — being raised this year.
While Moka’s acquisition of GetFocus is sure to provide the Indian company a boost, Moka can leverage GetFocus to swipe its way into India.