India mobile payment start-up raises Series B round

Financial details were not disclosed, but VCCircle reports that RVCF committed more than SIDBI and that the two firms will each gain "a significant minority stake" in the company. Mosambee previously raised $1 million from SIDBI in 2013.

Mosambee designs and produces card readers that communicate with mobile phones. This eliminates the need for single-purpose card readers and fixed internet connections, allowing payments to be processed anywhere with a wireless signal. The company markets to a wide variety of customers, including taxi drivers, charities, caterers and retailers.

The company currently has more than 10,000 users in northern and western India. It plans to use the new capital to expand nationwide, and ultimately internationally. Other start-ups in the mobile payments space include Mumbai-based Mswipe Technologies, which has raised several rounds of funding led by Matrix Partners.

RVCF targets early-stage companies seeking growth capital in India such as information risk management service provider Aujas Networks and hospital chain Frontier Lifeline. SIDBI has a similar focus; its holdings include a diabetes hospital, a printing company, organic farms and a dairy firm.

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