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Suvidhaa Infoserve acquires mPOS player AasaanPay

Suvidhaa Infoserve, a services commerce company which launched an online payment platform in 2014, has acquired mobile point-of-sale (POS) startup AasaanPay for an undisclosed amount, reports TechCircle. The acquisition will be helping Suvidhaa fast-track its efforts to reach small merchants in rural and underbanked areas. Following the deal, Suvidhaa will acquire  Aasaanpay's technology platform and intellectual property and the core technology team led by Pruthvi Sabbu. Started by Sainath Gupta, Pruthvi Sabbu and Srikanth Chakkilam in 2011, AasaanPay’s technology helps carry out transactions via smartphone instead of the conventional PoS machine. Currently, AasaanPay is privately held and funded as well as managed by Tvarita Capital, an early stage growth fund. Founded in 2007, Suvidhaa allows users to make payments to IRCTC for railway ticketing, major airlines for airline ticketing, telecom services purchases from major telecom operators, banking services, financial services, bus ticketing from more than 400 bus operators and others. Suvidhaa funding Suvidhaa had raised $12 million in its third funding round, from Japanese corporate conglomerate Mitsui & Company in 2011. It had raised a total of $25 million which includes seed funding by billionaire Shapoor Pallonji Mistry. The company had raised $7 million in its second round of funding from IFC (World Bank Group), and existing investors, Norwest Venture Partners (NVP) and Reliance Venture Asset Management (RVAM). The two had earlier invested an undisclosed amount in the company. Competition - Earlier in August, Bangalore-based point of sale (PoS) startup Ezetap raised Rs 150 crore in a round of funding from existing investors Social+Capital, Helion Advisors and Berggruen Holdings and…

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