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mPOS Solution Mosambee Raises $1 Million Seed Funding from SIDBI Ventures

MosambeeMosambee, a Mumbai based mPoS Solution provider, has raised seed funding of around $1 million from SIDBI Ventures, reports TechCircle. Speaking to MediaNama, Alok Arora CEO at Mosambe said that the funding will be used for marketing and scaling of services.

Last year, Mosambee had launched its service in Dubai after a soft launch in India by September 2012. Arora informs MediaNama that they decided to launch in Dubai first owning to their late entry into the Indian market. They have been piloting with a car rental and insurance company in India and have also acquired over 10 clients in Mumbai, Delhi, Chennai and Bangalore. The company plans to officially launch in the country by April 2013 and plans to expand to South East Asian and Western markets. It states that it intends to build market specific solutions for the west.

Services: In India, they currently offer two solutions – magnetic strip solution and chip & fine solution. In December 2012, it had launched their chip & pin solution in Dubai, which the company plans to launch in India in the next 3-4 months as a differentiation against competition. However, it’s not clear what exactly the chip & pin solution would offer. Interestingly, unlike its competition in India, Mosambee plans to target corporate companies as it doesn’t see getting much value out of corner shops since already make use of POS landline solutions.

Other mPOS players:

iKaaz has launched a Tap & Pay reader that works on Near Field Communication (NFC) technology to enable cashless transactions. MTS mPOS was launched by Sistema Shyam TeleServices Limited under the MTS brand. PayPOS android and iOS mobile application enabling credit and debit cards payments and electronic transactions on mobile phones at the point of sale was launched by PayMate.

Ezetap incubated by by AngelPrime is another mPOS solution. MobiSwipe mPoS company, had raised funding from One97 Mobility Fund. MSwipe also recently raised an undisclosed amount of money from Matrix Partners, a Venture Capital firm.

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