Mobile startups in India are on a all time boom with high valuations and huge rounds of funding. The latest addition to this is the fintech Startup from Bangalore, Ezetap.
Started in 2011, the mPOS startup has done exceptionally great to reach out to small merchants throughout the country. The company claims to have over 60,000 merchant locations and boasts of over 500 new activation every week. The startup also claims to process over a million US Dollars in transactions every day. Ezetap has partnered with banks like CitiBank, HDFC Bank and American Express (American Express is also an investor in the company). Just recently, Ezetap partnered with State Bank of India to scale up the level of mobile and electronic payments in the remote areas of the country.
Ezetap basically works with the concept of a POS where the technology turns any mobile device into a point of Sale to help the merchants accept payments from all kinds of cards. Ezetap also helps the merchants to carry out different kinds of financial transactions including bill payment, cash withdrawal and deposit. The whole mechanism consists of a mobile device, one lightweight card reader and a mobile app which is configurable based on the needs of the merchant.
The latest funding round saw the participation from the existing investors including Social+Capital, Helion Venture Partners, Berggruen Holdings along with Horizons Ventures and Capricorn investment group. After this round, Social+Capital’s founder Chamath Palihapitiya will join Ezetap as the chairman on board.
“India is uniquely positioned to build an entirely new financial services ecosystem, thanks to advancements like Unique ID Authority of India (UIDAI). Moreover, it’s clear to us that this revolution will be mobile first – from mPOS to mobile wallets,” says Palihapitiya.
“What makes mPoS unique is that every Ezetap mobile application being used by a merchant is configurable and smart. This is a fundamental change from the way payments have worked for decades and why it never scaled in India. Not only can we easily enable a storekeeper anywhere in the country to accept all forms of payments and increase their sales, we can actually turn his or her small shop into a bill payment centre, eGovernment service point, full service bank branch, and much more with only a few keystrokes in Bangalore,” says Abhijit Bose, Co-Founder and CEO of Ezetap.