Mobile POS startup Mswipe closes USD 31 million for Series D
Founder: Manish Patel
Founded in: 2011
Financing status: USD 31 million Series D round in 2017
Mobile POS startup Mswipe has closed its Series D financing round for USD 31 million led by UC-RNT Fund. UC-RNT Fund is the mutual venture between Ratan Tata, former chairman of Tata Sons, and the University of California. Existing investors Matrix Partners India, Falcon Edge Capital, and DSG Consumer Partners also participated in this round.
The startup is a wireless payment system which provides mobile payment services to small and medium-sized enterprises.
Mumbai-based Mswipe is India’s largest independent mobile POS merchant acquirer and network provider. Mswipe’s terminal, Wisepad, accepts all major types of cards including VISA, MasterCard, AMEX, and Rupay. It works with conventional phones, smartphones, tablets and PCs. The startup offers universal acceptance solutions for all merchants by enabling them to accept any payment instrument such as cards, wallets, UPI (Unified Payment Interface), and NFC (Near-field communication).
The company will use the newly raised fund to develop its network of merchants accepting digital payments in the country.
Healthtech startup Grow Fit raises USD 4.5 million for Series A
Founders: Jyotsna Pattabiraman
Founded in: 2015
Financing status: USD 4.5 million Series A round in 2017
Healthtech platform startup Grow Fit has raised USD 4.5 million in its Series A financing round led by Manipal Education and Medical Group. Existing investors SAR Group and The Grover Trust also participated in this round.
The startup aims to help over 300 million Indians who are at risk of contracting lifestyle diseases through a combination of data science, medical science and behavioral insights. The platform consists of a group of nutritionists, counsellors and technologists.
Grow Fit takes care of both physical and mental health with separate apps for each category – Grow Fit is aimed at users who wish to manage their weight by eating a nutritious, balanced diet while Grow Self is for mental health.
Grow Fit connects users all over India to experts in categories covering sleep, skin, hair, nutrition and exercise. It also offers healthy food and meal delivery services.
Grow Fit will use the fund to integrate different sources of data from wearable technology to medical reports. This is aimed to make the app a one-stop, comprehensive companion for wellness, and expand mobile solutions for fertility, joint health, stress management and more.
(Top photo from Flickr)