Mswipe Technologies, an India-based mobile payment technology developer backed by ride hailing service Ola, has raised Rs 2.1bn ($31.5m) in series E funding, the Economic Times has reported.
B Capital Asia, a subsidiary of venture capital firm B Capital Group, invested about $10m in the round, while hedge fund manager Falcon Edge contributed approximately $8.2m and investment firm DSG Consumer Partners $3m, according to regulatory filings. Another investment firm, Eqiq Capital, provided a total of approximately $10.6m through two funds.
Founded in 2011, Mswipe has developed a portable credit and debit card reader that allows small and medium-sized enterprises to accept card payments from customers through their mobile devices. It closed its series D round at $41m in December 2017 following a $10m investment from B Capital Group and DSG.
The investment added to the $31m first tranche closed by the company six months earlier, the funding having come from Ola, Falcon Edge, DSG, Meru Capital, Matrix Partners and UC-RNT Fund, a joint venture between entrepreneur Ratan Tata and the University of California.
Falcon Edge had previously led the company’s $25m series C round in 2015, investing alongside Ola, Meru Capital and financial services firm Axis Bank and Matrix Partners India.
The latter two had supplied an undisclosed amount of series B funding for Mswipe in 2014, Matrix Partners India having also led its 2013 series A round, also of undisclosed size.