India mobile payment firm raises Series A round
Mobile payments company Ezetap Mobile Solution has raised a Series A round of funding from Silicon Valley-based venture capital firm Social+Capital Partnership, PayPal’s Peter Thiel and David Sacks of Microsoft, among others. Existing investor AngelPrime – which first committed capital last year - also participated.
As part of the investment, Chamath Palihapitiya, founder and managing partner at the Social+Capital Partnership, will join the Ezetap board. Dacheng Wong Alliance, a Singapore-China legal joint venture of Dacheng Law Offices and Wong Alliances, advised on the deal.
Established in 2011, the Bangalore-based company develops mobile point of sale (PoS) solution that allows smartphones and tablets to be converted into PoS terminals.
India's payments sector has seen a lot of activity in recent months. In June, Sequoia Capital invested an undisclosed amount in Mumbai-based Citrus Payment Solutions, which offers payment services including online banking and credit card gateways. TA Associates earlier acquired a minority stake in BillDesk, India's leading online payment services provider.
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