Mumbai based mobile POS startup Mswipe has raised a $10m Series D round led by B Capital Group and DSG Consumer Partners.
Mswipe is an independent merchant acquirer and payment services provider based out of Mumbai. It makes mobile PoS (mPOS) devices for merchants, a cheaper variety of the more bulky PoS device conventionally provided by banks. Apart from mPoS devices, the company also has a payment gateway for processing payments online and an automated payment settlement system for merchants. It has deployed a network of 280,000 PoS terminals in India across 650 towns and cities in India since its inception in 2011. It also claims to have a 2,000 people strong pan-India sales and support network. According to Mswipe, the Indian market has about 14 million merchants with low PoS penetration. Seeing this market opportunity, the company recently launched a proprietary PoS machine named Wisepad G2TM , which supports contact-less payment methods like Near Field Communication (NFC).