India’s largest mobile POS Mswipe closes its Series D led by Ratan Tata, & more

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Mobile POS startup Mswipe closes USD 31 million for Series D

Mswipe

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

Photo from Groupon

Grow Fit

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)

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AllTechAsia is a startup media platform dedicated to providing the hottest news, data service and analysis on the tech and startup scene of Asian markets in English.
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