Digital payments company and point-of-sale terminal provider Mswipe has raised $31 million in a Series D round of funding led by UC-RNT fund, a joint venture between Ratan Tata’s RNT Associates and the University of California. Existing investors Matrix Partners India, Falcon Edge Capital, and DSG Consumer Partners also participated in the round. With the round of funding, Axis Bank, an early investor which owns 8% in the company, has gotten a complete exit, as indicated by this Economic Times report. Its last funding round was in July 2015, where it raised Rs160 crore in a Series C round from investors such as Falcon Edge Capital, Ola Cabs and Meru Capital. Mswipe had earlier raised an undisclosed amount in a Series B round of investment from investors Matrix Partners and Axis Bank in January 2014. The company had also raised an undisclosed amount from Matrix Partners in January 2013, with Axis Bank’s participation. The freshly raised funds will be used to expand its network of merchants accepting digital payments in the country. Currently, Mswipe has a network of 2,46,000 terminals spread across 550 cities."The annualized value of total transactions enabled by Mswipe across its network stands at Rs. 9,560 crores," the company said in a statement. It added that 80% of its merchant base is comprised SME merchants, typically supported by 1-30 employees and that they have a monthly turnover of Rs 1 lakh to Rs 5 lakh. Mswipe also said that it is developing Android-based smart POS that will offer merchants capabilities like GST…
