The University of California-backed UC-RNT Fund has led a round that enabled strategic investor Axis Bank to exit.
India-based mobile payment platform developer Mswipe Technologies has raised $31m in a round led by the UC-RNT Fund,a joint venture between University of California and entrepreneur Ratan Tata, according to the Economic Times.
Investors also included ride hailing platform Ola, Falcon Edge Capital, Meru Capital, DSG Consumer Partners and Matrix Partners.
Founded in 2011, Mswipe has created a mobile card reader that attaches to a smartphone, enabling vendors to accept payment from customers. It is also developing additional devices that will not be reliant on access to mobile devices.
The transaction, which valued Mswipe at about $200m according to two sources aware of the development, enabled financial services firm and existing investor Axis Bank to exit, reportedly selling an 8% stake in Mswipe to undisclosed investors for $12m.
Falcon Edge Capital led the company’s last round, a $25m series C round in mid-2015 that included Ola, Axis Bank, Meru Capital and Matrix Partners India.
Matrix had led a series A round of undisclosed size for Mswipe in 2013 before joining Axis for a series B early the following year.
– A version of this article first appeared on our sister site Global Corporate Venturing.
