Ezetap Mobile Solutions, a Bangalore, India-based mobile payments solutions provider for emerging markets, secured Rs. 150 crores in funding.
Backers included Social+Capital, Helion Advisors, Berggruen Holdings, Horizons Ventures, the private investment arm for Li Ka-Shing, and the Capricorn Investment Group. In conjunction with the funding, Social+Capital founder Chamath Palihapitiya joined Ezetap’s board as chairman.
Started in 2011 by Abhijit Bose, CEO, and Sanjay Swamy, Co-Founder and Vice-Chairman, Ezetap provides a solution that turns any merchant’s mobile device into an intelligent point of sale that is able to read any type of card and complete any type of financial transaction – from a credit card sale to a real-time bill payment, to an ATM cash withdrawal or deposit.
The platform includes a configurable mobile application, a lightweight card reader, and a platform that allows Ezetap to provide customized services and integrate to a merchant’s existing systems.
The company, which has deployed over 60,000 new points of sale across India in under 30 months, has a customer base ranging from well known enterprises to tens of thousands of small retail businesses. Ezetap has partnerships with leading banks including Citibank, HDFC Bank, American Express, who is also an investor in the company, and State Bank of India chose.