Business

December 07, 2017

$10 million invested in Mswipe by Facebook co-founder Saverin’s firm


Eduardo Saverin

Facebook co-founder Eduardo Saverin’s venture capital firm, B Capital Group, has invested $10 million in Mswipe Technologies Pvt. Ltd as part of Series D round. It is also the first time that B Capital Group has invested in an Indian company.

According to a statement issued by Mswipe, the latest funding from its existing investor DSG Consumer Partners took the total Series D funding to more than $40 million.

The company will use the funds to expand its digital payments acceptance and to strengthen its product development capability, the statement said.

As part of the deal between the two parties, Saverin will join Mswipe’s board. Mswipe has a network of 280,000 terminals spread over 650 cities and towns.

Kabir Narang, partner at B Capital said, “While the US has been the traditional anchor for innovative technology, we are seeing disruptive innovation emerging from geographies like India.”

“As a fund, we like to involve ourselves with companies that have attained a certain level of maturity and scale. Our focus areas are fin-tech, enterprise tech, and consumer internet. We have the investment appetite to write cheque sizes of anywhere between $10 million and $25 million into our investee companies,” Narang said.

Mswipe had earlier raised $31 million in June 2017, from Ratan Tata’s UC-RNT Fund and VC firm Matrix Partners India.

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