Bangalore-based payments solutions startup Ezetap has raised $16 million in a growth round of funding led by US-based VC fund JS Capital Management Llc, existing investors Social Capital, and Horizons Ventures, reports Livemint. As a part of the deal, Salil Seshadri from JS Capital Management joins the board of directors at Ezetap.
The publication reports that Ezetap will invest the fresh funds in sales and marketing and for strengthening its enterprise solutions. Ezetap’s Co-Founder and CEO Abhijit Bose told Mint that Ezetap is targeting monthly transaction volumes of Rs 3,000 crore in one year, up from Rs 800-900 crore a month that it generates currently. He added that the company will focus on selling to companies in e-commerce logistics, insurance, telecom, oil and gas segment, and also provide payments infrastructure for government projects.
In June, Ezetap acquired FortunePay, which offers banks a mix of digital payments solutions as well as physical payment solutions. This was Ezetap’s second acquisition: In June 2014, it acquired Hyderabad-based loyalty platform Clinknow which enables merchants to create and offer real-time offers to their customers based on their transaction history.
-In 2015, the company raised Rs 150 crores in Series C funding from Social Capital, Helion Advisors, and Berggruen Holdings, Horizons Ventures, the private investment arm for Li Ka-Shing, and the Capricorn Investment Group.
-Ezetap had previously secured an undisclosed amount of funding from American Express in return for a minority stake in March 2014.
-In February 2014, the company had raised $8 million in a Series B funding from Helion Advisors, with participation from existing investors Chamath Palihapitiya’s The Social+Capital Partnership and Berggruen Holdings.
-Incubated by early stage investment fund AngelPrime, Ezetap had initially raised $3.5 million from The Social Capital Partnership, Peter Thiel, Nicolas Berggruen & David Sacks.
Other Developments from Ezetap
-In October 2015, Ezetap allowed universal mobile wallet acceptance on its platform to enable in-person transactions at home or at store. Ezetap brought on board Paytm, Mobikwik, Freecharge, and Novopay for the same. However, in 2016, Paytm has cut off all mobile wallet aggregators and goes directly to merchants.
– In June 2014, Ezetap partnered with State Bank of India to deploy 500,000 PoS terminals across the country in the next five years.
-In January 2013, Ezetap partnered with Citibank to launch a mobile payment solution for merchants targeting credit and debit card holders in India.