With the funding round, Facebook co-founder Eduardo Saverin will be joining the board of Mswipe.

 Mswipe raises 10 million in series D round led by Facebook co-founders VC firm
Atom Fund Raising Friday, December 08, 2017 - 10:51

In a first for an Indian startup, Mswipe, a mobile point of sale service provider, has received funding from B Capital, a fund promoted by Facebook’s co-founder, Eduardo Saverin. This is a series D funding for the company, Mswipe Technolosies. The amount invested is $10 million (Rs 65 crore) and apart from B Capital, DSG Consumer Partners, an existing investor is also reported to have invested, according to a report in VCCircle. The total investment in Mswipe, with this top-up round has crossed $40 million (around Rs 258 crore).

Eduardo Saverin gets to join the board of Mswipe with this exposure by B Capital in the firm. Earlier, in June this year, as part of the same series D round of funding, Mswipe had raised some $31 million from their existing investors, DSG Consumer Partners and Falcon Edge Capital, apart from UC-RNT, the Ratan Tata backed fund.

Mswipe, which was founded in 2011 by Manish Patel, already has a network of 280, 000 POS terminals across 650 cities and towns.

The payment facilitation process Mswipe follows is a little different from the conventional swiping machines. The gadgets provided by Mswipe function as a card reader and can be coupled with a mobile phone to make it accept credit and debit cards. Some of the digital payment platforms like UPI, Google Tez, PhonePe, Bharat QR, and BHIM can all be integrated into the device and payments made/accepted. The value of transactions made through Mswipe terminals is reported to be over Rs 9560 crores on an annualized basis.

B Capital was formed by Saverin last year and he has partnered with Raj Ganguly, an Indian origin investor from Silicon Valley. The US, India, China, Israel and Southeast Asia are the regions where B Capital makes its investments. From the filings the VC firm has mad with the SEC in the US, it is learnt that they have raised around $324 million in funds so far.

They prefer to enter into ventures, a bit late after they have acquired some mass and generally join the series B funding and beyond and once they are convinced of the future of a firm, they are willing to invest anywhere between $10 million to $25 million in one shot even.

Show us some love and support our journalism by becoming a TNM Member - Click here.