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 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.
– 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 new investor Horizons Ventures.
– In the same month, payment solutions provider Oxigen Services introduced ‘Super PoS’, a device that would upgrade a network of 200,000 locations under the Jan Dhan Yojana. According to the company, it would bring the platforms of financial inclusion, cards payment and recharge/bill payments on the PoS device. The Super PoS would have micro ATMs according to UIDAI/NPCI specifications, a biometric reader for Aadhaar transactions and eKYC, a built in NFC with tap and pay debit card and magnetic swipe for Rupay, VISA, MasterCard debit and credit cards.
– In July, Mumbai-based mPOS solutions provider Mswipe raised $25 million in a series C round of funding from new investors Falcon Edge Capital, Ola Cabs and Meru Capital, and existing investors Axis Bank, Matrix Partners India and DSG Consumer Partners.
– In June, payments company iKaaz launched a new point-of-sale terminal which would allow tap-and-pay transactions through smartphones without Near field communications (NFC) enabled.
– In September 2014, mobile financial & VAS company Mahindra Comviva entered into a partnership with payment solution provider First Data to roll out an mPOS solution in India. Comviva had first announced the global launch of payPLUS, its mPOS solution back in June 2013.