India’s leading card payment processor, Mswipe has raised ₹200 Crore (USD 31 million) from UC-RNT Fund, which is a joint venture between Ratan Tata’s RNT Associates and the University of California. Apart from this, existing investors like, Matrix Partners India, Falcon Edge Capital and DSG Consumer Partners also participated in the round. The latest fund raise has taken place at a valuation of about ₹1280 Crore ($200 Million).
After demonetisation, Mswipe received a huge boost in business with new orders coming in from banks and other financial institutions, as well as small merchants and institutions also started accepting digital payments. Mswipe can hold a better position by connecting with merchants, and also work with multiple banks, to expand its footprint rapidly by connecting with other financial institution and building the network.
Moreover, The company is trying to focus more on smart Point of Sale devices which work independently with all the smartphones and accepts payments. Beside card payments, it also provides Unified Payments Interface, BharatQR and Aadhaar-enabled Payments Systems.