Ezetap Mobile Solutions, Bangalore-based mobile payments company, has raised $8 million in a Series B funding, led by Helion Advisors, a venture fund with over $600 million under management. Other investors included Silicon Valley-based Social+Capital Partnership and Berggruen Holdings. Ezetap, plans to use the funds to accelerate global growth across Asia and Africa, and expects to cross 100,000 devices in the next 12 months.
Ashish Gupta, Senior Managing Director of Helion Advisors will join Chamath Palihapitiya, former Facebook executive and founder of the Social+Capital Partnership, and Sanjay Swamy, Managing Partner of Angelprime, on the board of the company. Rahul Chandra, Managing Director of Helion Advisors, will also be part of the companyâ€™s team of Advisors.
Abhijit Bose, CEO, Ezetap, said, â€śThere is an enormous need to provide electronic payments across emerging markets. We have built a successful model based on world-class technology, scalable distribution through a combination of partnerships and our own direct sales force, and a cost structure that works in these countries. Our focus is to scale this model and become the leader for electronic payments across emerging markets.â€ť
The Ezetap solution turns any merchantâ€™s mobile device into an intelligent point of sale that is able to read any type of card and complete any type of financial transaction from a credit card sale to a real-time bill payment, to an ATM cash withdrawal or deposit. The Ezetap solution comprises of a card reader, a configurable mobile application, and a flexible platform that allows Ezetap to provide customized value-added services and integrate to a merchantâ€™s existing systems. The Ezetap Card Reader can connect to a mobile device via Bluetooth, USB, or audio.
Speaking on the investment, Ashish Gupta, said â€śHelion believes that Ezetap is best poised to lead mobile payments, given the massive change in paradigms of electronic payments, especially in emerging markets. The investment also ties in with Helionâ€™s game plan to invest in companies creating technologies to address global market opportunities.â€ť This is Helionâ€™s third investment in companies creating world-class enterprise technology products in less than 12 months.
Added Chandra, â€śWhat drew Helion to Ezetap is their approach in addressing the opportunity in mobile payments. Their solution goes beyond merely installing devices, to providing unique solutions to a diverse group of businesses that look at mobile devices as key to their growth. Their technology, device and architecture can best adapt to ever changing needs of the customer, and Helion is keen to be part of their global growth.â€ť
Ezetap was founded in 2011 by Abhijit Bose (CEO), Bhakta Keshavachar (CTO) and Sanjay Swamy, who serves as the companyâ€™s chairman. Earlier, in November 2012, the company raised raised $3.5 million in a Series A round of funding from Social+Capital Partnership and individuals including Peter Thiel (co-founder of PayPal and one of the Facebookâ€™s early investors), David Sacks (founder of Yammer) and Nicolas Berggruen of Berggruen Holdings. Ezetap was incubated by early stage investment fund Angel Prime.