Ezetap really wants to enable companies in India to simply accept any kind of payment now announced funding of $16 million to help that goal. Jonathan Soros’ investment firm JS Capital Management brought the round, with participation from Shaun Skoll Group, Social Capital, and Horizons Ventures.
“Due to Narendra Modi’s unparalleled demonetization initiative last November, India is experiencing a complete-blown digital transformation that’s enabling countless Indian citizens to digitally transact the very first time within their lives,” authored Ezetap cofounder and Chief executive officer Abhijit Bose, within an email to VentureBeat. “Ezetap has been doing its part by silently building the infrastructure to aid the 100 million new accounts caused by India’s fintech explosion.”
Founded this year, the Bangalore-based startup provides its software like a service (SaaS) means to fix greater than 200,000 retailers and users across India, based on Bose. Included in this are Airtel, Big Basket, and concrete Ladder. The main executive claims that using the Ezetap device, retailers can accept any payment type, including physical cards, online payments, mobile wallets, and QR codes, from the bank using any device or application. The startup charges a regular monthly fee of Rs. 250 to Rs. 450 (four to seven dollars) per subscriber because of its service.
The idea of leapfrogging technology in emerging markets is well-known right now. Countries like Nigeria, Kenya, and India are prime types of this disruptive movement, especially with regards to mobile payments. Bose argues this provides them a particular edge.
“Countries such as the U.S. have relied heavily on charge cards for any lengthy time, that has frustrated the adoption of digital payments technologies,” he authored. “On the exact opposite, India essentially began on your own following the demonetization announcement, so Ezetap’s flexible fintech platform is required to accommodate new payment technologies unfamiliar towards the U.S.”
Ezetap isn’t the only real startup to become surfing India’s fintech wave. Competitors include Pine Labs, Mswipe, and Alibaba-backed Paytm. Foreign tech information mill also sniffing an chance, with Google, Apple, and Samsung doubling lower on mobile services in India.
Up to now, Ezetap has elevated as many as $51 million, also it presently has greater than 200 employees. The startup uses the new injection of capital to help develop its product while increasing marketing and advertising.