One97 Mobility Fund Invests in Mumbai Based PoS Company MobiSwipe Technologies

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MobiSwipe Technologies, a Mumbai-based mobile PoS Company, today announced that it has secured investments by the One97 Mobility Fund. One97 Mobility Fund is an early-stage investor specifically for ventures in the mobile technology space. MobiSwipe allows merchants to use Android mobile phones or tablets as Point of Sale (PoS) terminals with the capability to accept credit and debit card payments.

India is witnessing a revolution in mobile payments which is being driven by the increasing adoption of Smartphones along with various government initiatives targeted at popularising mobile money. Mobiswipe’s offering aims to help in further accelerating this growing trend as it seeks to address the limited availability of PoS terminals. One97 Communications, the company behind the One97 Mobility Fund, has already launched its payment initiative under the Paytm payments brand.

Commenting on the investment, Vijay Shekhar Sharma, Founder and CEO of One97 Communications, said, “In India, 90 percent of commercial transactions are done in cash, which needs to change and I believe mobile phones are the catalyst to achieving a cash-free payment environment.

MobiSwipe’s service is critical to the Indian payment eco-system to allow as many merchants to accept digital-mobile payments. MobiSwipe uses a simple Android device and gives great power to the common merchant. We need innovative methods like these to bring more consumers to use digital-mobile payments. We are very proud to associate with the

passionate MobiSwipe team.”“The chemistry between One97 and MobiSwipe was instant – we couldn’t ask for a better fit. This new partnership gives us the ability to achieve some remarkable milestones in the months to come,” said Harmeet Singh Arora, Co-Founder & Jt. CEO of MobiSwipe. “There is a huge market opportunity that lies ahead for us. This new financing enables us to scale up operations and accelerate growth. India being a diverse market place, the philosophy of ‘One Size Fits All’ will not work hence MobiSwipe will launch customized products for merchants which will accelerate growth.” The management team at MobiSwipe has extensive expertise in building successful online businesses. The founding team includes Suresh Santhanaramakrishnan, a veteran in the internet and mobile technology industry and founding member of BharatMatrimony.com; and Harmeet Singh Arora, who has over 15 years experience in the web and mobile space having worked with companies like Rediff.com, Zapak.com among others. With the investment, Vijay Shekhar Sharma will also join the MobiSwipe Board and become Chairman for the company. Check out One97's mobility fund to know more.

One97 is an official partner for MobiSparks.

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