Tata Capital leads Series B round for Singapore's Nearex
Tata Capital has led an undisclosed Series B round investment in Singapore micro-payments start-up Nearex via its Tata Capital Growth Fund. Existing investors Beenos Asia and Xinvesco also took part in the round.
The company was set up in 2012 by mobile technology industry veterans Mayank Sharma and Arun Tanksali. Nearex's core products are XipPOS, an affordable mobile point of sale device for merchants, and XipTAG, a secured contactless card or a sticker, used by consumers.
The system - which is aimed squarely at emerging markets - is understood to integrate with existing mobile wallet services and can be offered by mobile money service providers to create a low cost payment network. According to a release, the system was initially piloted in Africa, where the start-up claims it has had a positive response.
"We believe that cashless payments will continue to grow rapidly across the developing world. In particular, mobile micropayments offers a large market opportunity," said Akhil Awasthi, managing partner of Tata Capital Growth Fund.
"Nearex through its cutting edge technology platform is poised to become a global leader. We are delighted to partner with Nearex, a leading player in the mobile micropayments technology space led by Mayank Sharma," he added.
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