Ezetap, the Bengaluru based payment solution firm has raised a funding of $16 million from US-based venture capital firm JS Capital Management and several other investors. The total funding received by the firm so far has increased to $51 million after this latest funding round organized by Jonathan Soros owned JS Capital.
Cashless Economy
India has more than 1 billion mobile users and is currently moving towards a cashless economy. The entire nation went abruptly cashless with the sudden demonetization exercise carried out by the government last November. This led to the growth of e-wallets like PayTM, MobiKwik, PayUMoney, SBI Buddy, Zeta Pay and several others in India. As per data from RBI, there were more than 9.2 billion digital transactions in May 2017 alone. The Indian digital payments industry is expected to grow up to $500 billion by 2020 according to a report from Google and Boston Consulting group.
On a similar ground, Ezetap is a 6 year startup based out of Bangalore which provides digital payment solutions to more than 200,000 merchants across India. Considered as the one stop payments partner, they allow merchants to accept payments in any form including credit cards, online payments, One-click payments from Mobile wallets and also India’s new UPI system.
Led by CEO Abhijit Bose, the company has been growing steadily with support from several investors like Hong-Kong based Horizon ventures, Social Capital, Prime Venture Partners, Helion venture partners, etc. Social Capital is the largest investor till date and led the Series-C funding campaign of $25 million during August 2015. As part of the latest funding round, Salil Seshadri from JS Capital Management has also joined the Ezetap’s board of directors.
200,000 POS Terminals Deployed
CEO Abhijit Bose told media that the latest funding will help the company towards expanding their sales and marketing efforts. Ezetap employs more than 200 people as of now and is growing at a great pace. They handle transactions worth approximately 800-900 crores every year and they expect to increase this figure to 3000 crores cross by next year. Founded in 2011, Ezetap offers mobile technology backed Point-of-sale solutions for small businesses and retailers. The company has deployed more than 200,000 POS terminals across the nation.
The digital payment solutions are now gaining more traction in the country since the Indian government is driving towards a cashless economy. Ezetap wants to expand their market across every sector including insurance, logistics, e-commerce, oil and gas etc. They also aspire to provide payment solutions for large government initiatives like the Smart City Project.