Ezetap raised $16 million to disrupt Paytm and MobiKwik

Ezetap raised US$16 million of funding led by JS Capital Management Llc. Startup payment platform headquartered in Bengaluru on Wednesday announced funding, other investors are Social Capital and Hong Kong-based Horizons Ventures. The deal includes Salil Seshadri from JS Capital joining the board of directors of Ezetap.

Tinuku Ezetap raised $16 million to disrupt Paytm and MobiKwik

Ezetap co-founder and CEO Abhijit Bose said the new funding encourages Social Capital to be the largest shareholder since in August 2015 led the C-Series fundraising of US$25 million, the next percentage being Horizons Ventures and early investors Helion Venture Partners and Prime Venture Partners.

The company will invest new funds to drive sales and marketing more aggressively and scale the company's suite of solutions. Ezetap has recorded a monthly transaction volume of Rs3,000 crore in yearly and has recorded Rs800-900 crore just from this month.

The existence of Ezetap continues to disrupt other platforms that have dominated market share in India, including Paytm supported by Alibaba and Softbank. The second player is MobiKwik supported by Bajaj Auto Finance. Investors seem to think Ezetap has the power to hit its rivals even further.

"New funds to scale up and market share we now have the opportunity to enter into each sector with tailor-made solutions that support all payment methods," Bose said.

Ezetap has 200 employees and has acquired FortunePay in June and Clinknow in 2014 in undisclosed amounts. Bose also said the new funds will be used for business expansion in Southeast Asia by the end of this year.

"The business model is slim. With US$1.5 billion per year flowing through our platform and going over US$3 billion over the next 12 months, we will soon benefit," Bose said.

Bose said Ezetap will go to top companies in the e-commerce, logistics, insurance, telecommunications, oil and gas sectors. The platform also provides payment infrastructure for major government projects including smart cities.

Ezetap uses Android operations and focuses on serving the companies. The software allows companies to configure the Ezetap platform with a CRM framework to customize other internal and external applications.