UC-RNT Fund, a joint investment vehicle from Tata Sons Chairman Emeritus Ratan Tata and the University of California, has led a $31 million funding round in Mumbai-based point-of-sale venture Mswipe Technologies.
With this investment round, the fund gives complete exit to Axis Bank, which was an early investor in Mswipe. Axis Bank held about 8 percent stake in the six-year-old company and sold it off for around $12 million.
As per the reports, a number of Mswipe’s existing investors have participated in the new funding round, including US-based hedge fund Falcon Edge Capital, investment company Meru Capital, ride-hailing app Ola, DSG Consumer Partners, and Matrix Partners.
This new funding round values the Mumbai-based company at about $200 million. The newly-raised funds should be enough to support the company for the next two odd years.
Founded by Manish Patel in 2011, Mswipe has around 2.4 lakh terminals deployed across more than 500 locations in the country. The company claims to have recorded annual transactions of about ₹8,850 crore.
The company recently acquired the offline point-of-sales business of PayU and has also tied up with Sodexo and Samsung Pay to expand its acceptance infrastructure.
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