The Indian mobile payment startup has secured $23 million in series C funding from Horizons Ventures, Capricorn Investment Group, and existing investors. Last year, the startup raised $8 million from Helion Advisors, Silicon Valley-based Social+Captial Partnership, and Berggruen. The startup is focused on the 95% of small- and medium-sized enterprises in India that are not equipped to swipe a card.
Launched in 2013, Ezetap says it processes transactions worth US$1 million per day through 60,000 points of sale across India. It claims to be adding 500 new small retail merchants a week and will use the funds to increase its reach to 200,000 merchants in a year. Ezetap competes with Mswipe, which got US$25 million in series C funding last month. According to Ezetap co-founder and CEO Abhijit Bose, his startup is unique because Ezetap’s mobile applications are configurable by any merchant. “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 center, eGovernment service point, full service bank branch, and much more with only a few keystrokes,” he says.