India-based mobile payment solutions provider MobiSwipe Technologies is in talks with three to four investors to raise between $5m and $7m for its series A round, according to VCCircle.
MobiSwipe previously raised an undisclosed amount from India-based mobile internet company One97 in a January 2013 seed round. One97 invested via its $100m One97 Mobility Fund. The fund, managed in association with venture capital firm SAIF, makes individual invests between $500,000 and $5m.
The company hopes it will close the series A round by the first quarter of 2015. MobiSwipe has named One97 as interested in returning but has not disclosed any further potential investors.
Harmeet Singh Arora, co-founder of MobiSwipe, said: “We are in the second levels of discussions with the investors. Our existing investor One97 Mobility fund is also interested in participating in the round.
“The capital would go towards hiring talent as well as for product development.”