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Venture Capital | 24 March 2015

mPOS Startup Mosambee Secures Funding From Rajasthan Venture Capital, SIDBI

by Tilak Devadiga
mPOS Startup Mosambee Secures Funding From Rajasthan Venture Capital, SIDBI
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Mosambee, an EMV enabled comprehensive mobile (POS) Point of Sale system, has raised an undisclosed amount of funding from Rajasthan Venture Capital Fund (through RVCF II SME Tech Fund) and SIDBI Venture Capital Ltd (through its India Opportunity Fund).

Previously, Mosmabee had raised close to $1 Mn from the two investors. In this latest two tranche deal, RVCF has invested more than SIDBI. With the first tranche already disbursed, Mosambee plans to enhance its products and capabilities.

Founded in 2008 by Alok Arora, Bhushan Thaker and Sameer Chugh, the platform is run by Mumbai based Synergistic Financial Networks Private Limited. Mosambee allows merchants to sync their smartphone with an EMV provided by Mosambee to facilitate payments using any Bank, Cash, Cheque, credit and debit cards.

It has two products – mATM, an Adhar Enabled Payments System targeting Banking Correspondents and financial inclusion firms and mPAY,a Bank Account Enabled Payment System enabling consumers to make payments through their bank accounts.

Serving customers in the Restaurants, Ecommerce, Cab services and insurance space, the venture claims to have over 10,000 users which it plans to expand to 250K in the coming years.

The startup competes with Money On Mobile, Matrix Partners backed Mswipe,PayUMoney, Ezetap among others in the cashless payment segment

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