Mumbai-based Mswipe Technologies, a startup that offers cost effective point-of-sale (PoS) solutions on mobile phones, has raised an undisclosed amount in a first round of funding from Matrix Partners India. The company went live with its Mswipe PoS terminals four months ago and claims to have already deployed the terminals with 4,000 merchants across the country.
The Mswipe terminal enables merchants to accept debit and credit card payments using their Android, iOS or other feature phones. “Other than conventional brick-and-mortar stores, the solution enables card acceptance by insurance agents, home delivery services providers etc. Merchants have access to their transaction records on their mobile phones as well as a host of online reports,” MSwipe founder Manish Patel said in a press release yesterday. The company has partnered with Prizm Payment Solutions and Axis Bank to provide merchants a comprehensive card acceptance service. It currently employs 40 people. “Mswipe is an early leader in creating a low cost, mobile POS infrastructure in India,” Matrix managing director Rishi Navani said.
The Mumbai-based Matrix Partners, which takes a multi-stage investment approach here, renewed its focus on early stage startups last July when it launched a seed stage investment programme that targets startups in the Internet and mobile segments. Mswipe is possibly part of the seed programme portfolio, though the press release did not specify whether it was a seed stage or Series A stage deal. The firm raised a $300 million second India fund in April 2011, taking its total India-dedicated funds under management to $750 million. Some of its deals from 2012 include Twist Mobile, LimeRoad, Mewar Orthopaedic and Enhance Aesthetic.
Image credit: Mswipe