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India based enterprise payments solutions provider Ezetap has raised $16m in Series D funding led by JS Capital Management. Ezetap makes the Ezetap device, a light-weight card reader that can be plugged into any smart device or feature phone used by a retailer. The technology allows anyone to accept cards--from merchants and cabdrivers to grocers and pizza deliverers. The firm sells the product to online retailers, insurance firms, restaurants and hotels.
The latest round makes Social Capital, which led the company’s $25-million series C fund-raise in August 2015, the largest shareholder in the company, followed by Horizons and early investors Helion Venture Partners and Prime Venture Partners, Ezetap co-founder and chief executive Abhijit Bose said. The company will invest the funds in an aggressive sales and marketing effort and scaling its suite of enterprise solutions. Ezetap has set sights on monthly transaction volumes of Rs3,000 crore in one year, up from Rs800-900 crore a month it does currently. “The money now is to invest in increasing our scale and market share; now we have an opportunity to go in every sector with a tailor-made solution that supports all payment methods,” Bose said.
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