Ezetap Mobile Solutions raises Rs 150 crore from Silicon Valley's Social+Capital Partnership

BENGALURU: Ezetap Mobile Solutions, the Bangalore-based mobile payments firm said it has raised Rs 150 crore in a round led by Silicon Valley's Social+Capital Partnership with participation from Helion Advisors, and New York-based Berggruen Holdings, among others to expand its business.

Ezetap started off as a hardware firm selling devices could convert a smartphone into a card reader to complete transactions. Now, it has evolved to support different types of financial transaction - from a credit card sale to a real-time bill payment, to an ATM cash withdrawal or deposit.

“Our vision is to be the most preferred, lowest cost, and universal platform through which businesses transact and engage with their customers," said CEO Abhijit Bose, a graduate of Harvard University. Horizons Ventures, the private investment arm for Hong Kong business magnate Li Ka-Shing, and the US-based Capricorn Investment Group also participated in the round.


The four-year-old company is adding 500 merchants a week on their platform and plans to reach more than 2 lakh merchants by next year. Myntra, SBI, Bajaj Allianz and Just Dial are a few of its customers.

"With this investment we are laying the foundation for a very different financial infrastructure in India," said said Chamath Palihapitiya, founder of Social+Capital. Ezetap calls itself a software firm, likening itself to the Android platform for the financial services industry.

"The whole goal is that there will be different companies building different kind of things by leveraging our software," said Palihapitiya, who has come in as chairman of the board. This is the first time that former Facebook executive has taken on this role with a portfolio company outside of the United States.

The overall solution consists of a mobile application, a card reader, and a platform that allows Ezetap to integrate into a merchant’s existing system.

"Ezetap has moved beyond a start-up into a market-defining leader, and is now in the growth phase," said Sanjay Swamy, cofounder and vice-chairman, Ezetap.