India-based payments solutions firm Ezetap has secured $16m in new funding round led by JS Capital Management of Jonathan Soros.
The fresh funding round also saw participation from the company’s existing investors Palo Alto-based Social Capital and Li Ka-Shing’s Horizons Ventures.
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JS Capital Management’s Salil Seshadri will join Ezetap’s board as part of this round, Ezetap said in its press note.
Ezetap plans to use the money to finance its growth and expand its payments platform to accept any form of payment while looking to grow its sales and operations across India and abroad.
Social Capital founder and CEO Chamath Palihapitiya said: “Ezetap is in an incredible position, with deep IP and no obvious US proxy – it’s like a combination of Stripe, AWS and Android, built for the complexities of the Indian market. The team has balanced patience and ambition as they’ve solved a truly hard problem, and now they’re starting to really scale and claim Ezetap’s place as one of the most important emerging technology platforms in India.”
Ezetap co-founder and CEO Abhijit Bose said: “We are fortunate to not only have investment but strategic insight from top tier investors who have backed some of the best businesses across the globe. India is at least five years ahead of the US in terms of fintech innovation, and Ezetap is at the forefront, thanks to the support and guidance of our investors.
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By GlobalData“It is a perfect storm. We have a society and economy that needed – and was ready – for digital adoption, mobile Internet infrastructure that finally allows us to reach every citizen, a once-in-a-lifetime government policy, coupled with a scrappy fintech ecosystem in which the winners will have built scalable, difficult-to-replicate businesses in a low margin market. The fintech companies that come out of India in the next few years will help redefine business models and how people transact globally.”
