Mswipe Technologies Revenue, Valuation, Funding & Investors

Mswipe Technologies is valued at $210M as of December 2017, a 35.0x multiple on its last reported $6M revenue.

Last Mswipe Technologies valuation

$210M

Series D · Dec 2017

Last Mswipe Technologies funding round

$20M

Undisclosed stage · Feb 2024

Mswipe Technologies revenue

$6M

Series D · Dec 2017

Key investors in Mswipe Technologies

  • DSG Consumer Partners
  • B Capital
  • Alpha Wave Global
  • Z47
  • Meru Capital
  • Epiq Capital

Mswipe Technologies Overview

About Mswipe Technologies

Mswipe Technologies is a Mumbai-based mobile POS provider targeting India's 12-15 million SMEs. Founded in 2011, it offers Android-powered devices connecting merchants to payment networks and digital commerce. The company has deployed over 1 million terminals nationwide, enabling access to credit and analytics. Mswipe partners with banks like HDFC and serves kirana stores to urban retailers.


Founded

2011

HQ

IndiaMumbai

Website

mswipe.com

Status

Privately held

Customer focus

B2B

Revenue model

Commission

Revenue

$6M (Dec 2017)

Valuation

$210M (Dec 2017)

Mswipe Technologies Valuation

Mswipe Technologies is currently valued at $210M, based on its Series D in December 2017.

The $10M round was led by B Capital and DSG Consumer Partners.

Mswipe Technologies' valuation has grown 2.1x from $101M at its Series C in July 2015 to $210M in December 2017, across 3 priced rounds.

Mswipe Technologies valuation by funding round

Revenue multiple
Mswipe Technologies valuation by funding round
DateStageValuationRevenue Multiple
Dec 2017Series D$210M35.0x
Jun 2017Series D$200M6.9x
Jul 2015Series C$101M3.5x

Mswipe Technologies Revenue

Mswipe Technologies' latest recorded revenue is $6M, as of its Series D in December 2017. At a $210M valuation, that implies a 35.0x revenue multiple.

Revenue moved from $29M in July 2015 to $6M in December 2017, while the revenue multiple moved from 3.5x to 35.0x.

Mswipe Technologies revenue by funding round

Mswipe Technologies revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Dec 2017$6M$210M35.0xSeries D
Jun 2017$29M$200M6.9xSeries D
Jul 2015$29M$101M3.5xSeries C

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Mswipe Technologies Funding History

Mswipe Technologies has raised a total of $118M across 5 funding rounds.

Mswipe Technologies' first fundraising round was a $25M Series C in July 2015. The most recent completed round was a $20M undisclosed-stage round in February 2024.

Mswipe Technologies funding rounds

Mswipe Technologies funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Feb 2024Undisclosed stageAlpha Wave Global (lead); B Capital$20M-Mswipe Technologies is an omni-channel digital payments platform headquartered in Mumbai, founded in 2011, providing offline and online payment acceptance solutions to SME merchants across India. The company offers Point of Sale (POS) devices, digital wallets, QR code soundbox terminals (Boombox), and online payment gateway services, with operations across 600+ cities and a merchant network exceeding 500,000 terminals. In February 2024, Mswipe received its payment aggregator license from the Reserve Bank of India (RBI), enabling it to offer comprehensive payment solutions across both digital offline and online channels and directly compete with providers such as Razorpay, Pine Labs, PayU, and BharatPe. On 27 February 2024, Mswipe closed a $20 million primary growth equity capital raise from existing investors led by Alpha Wave Global, with participation from B Capital and other backers including Matrix Partners, DSG Consumer Partners, Epiq Capital, UC-RNT, and Ola. The capital was directed toward expanding the merchant payment network and strengthening product development and technological infrastructure. For the fiscal year ending March 31, 2024 (FY24), Mswipe's payments business generated revenue of Rs 275 crore and achieved an adjusted EBITDA of Rs 2.5 crore, marking a return to profitability after a Rs 2.9 crore loss in the prior year. The company demonstrated strong momentum with Total Payment Volume (TPV) surging 106.8% year-on-year to Rs 50,417 crore in FY24, up from Rs 24,381 crore in FY23, with an annualized run rate of $12 billion. As of October 2024, Mswipe reported approximately 400,000 active terminals. The company achieved profitability at the EBITDA level consistently for the last five quarters at the time of the round announcement.
Mar 2019Series EB Capital (lead); Epiq Capital; DSG Consumer Partners; Alpha Wave Global$32M-Mswipe Technologies, a Mumbai-based mobile payments startup founded in 2011 by Manish Patel, provides point-of-sale (PoS) solutions including mPOS hardware, smartPOS terminals, UPI QR codes, payment gateways, and merchant apps for digital payments like UPI, Bharat QR, and BHIM. The company raised approximately Rs 219.8 crore (~$31.5 million USD) in its Series E funding round around March-April 2019 from existing investors including B Capital Asia (Rs 69.99 crore), Falcon Edge (Rs 56.91 crore), Epiq Capital (Rs 36.17 crore + Rs 34.99 crore from Epiq Capital B), and DSG Consumer Partners (Rs 20.91 crore), with B Capital noted as a lead in related coverage. Funds were earmarked for expanding merchant networks beyond 400,000-500,000 merchants, developing tech-powered products like app-based ecosystems, and enhancing payment infrastructure. At the time, Mswipe positioned itself as India's largest independent merchant acquirer with over 400,000 merchants, aiming for over 1 million by 2020 and capital-efficient growth amid competition from Pine Labs, which raised significant funds and achieved unicorn status. The 2019 round followed a $41 million Series D in 2017 backed by UC-RNT Fund, Matrix Partners India, and others, bringing cumulative funding over $80 million. Later developments included a $20 million growth equity round in 2024 from existing investors like Alpha Wave Global, B Capital, DSG Consumer Partners, and Epiq Capital to expand merchant networks exceeding 500,000, bolster product development, and leverage a new RBI payment aggregator license for omnichannel solutions. Mswipe has achieved EBITDA profitability for five quarters as of recent reports.
Dec 2017Series DB Capital (lead); DSG Consumer Partners (lead)$10M$210MMswipe Technologies is a Mumbai-based fintech company providing payment solutions including mPOS, Smart POS terminals, soundbox, and pay-by-link for SME merchants across India. The company focuses on enabling digital payments for merchants in over 550 cities, with a network of around 246,000 terminals primarily serving small businesses with monthly turnovers of Rs 1-5 lakh. In 2017, Mswipe raised funding in its Series D, with investors including B Capital and DSG Consumer Partners, as part of broader rounds totaling significant capital. The funds supported expansion of merchant networks, development of Android-based smart POS terminals with GST billing and inventory features, and acquisitions like PayU’s offline POS division. At the time, Mswipe processed an annualized transaction value of Rs 9,560 crore across its network, with transaction volume growing fourfold in the prior year and installations tripling.
Jun 2017Series DUC-RNT Fund (lead); Meru Capital; DSG Consumer Partners; Z47; OLA; Alpha Wave Global$31M$200MMswipe Technologies is an India-based mobile payment platform developer founded in 2011, offering a mobile card reader that attaches to smartphones for vendors to accept customer payments, and developing additional non-mobile reliant devices. The company raised $31m in a Series C round on approximately June 21, 2017, led by UC-RNT Fund, with participation from existing backers potentially including Ola, Alpha Wave Global (formerly Falcon Edge), Meru Capital, DSG Consumer Partners, and others. This transaction valued Mswipe at about $200m post-money according to sources cited in Global Venturing. The round enabled existing investor Axis Bank to exit by selling its approximately 8% stake for $12m to undisclosed investors. Previously, Mswipe had raised a $25m Series C round in mid-2015 led by Falcon Edge Capital (now Alpha Wave Global), including Ola, Axis Bank, Meru Capital, and Matrix Partners India. Matrix Partners had led an undisclosed-size Series A in 2013 and joined Axis Bank for a Series B early in 2014. The company operates in the competitive Indian fintech POS and payments market alongside players like Pine Labs and BharatPe.
Jul 2015Series CMeru Capital; Falcon Capital; DSG Consumer Partners; Z47; Axis Bank$25M$101MMswipe Technologies, founded in 2011 by Manish Patel, provides mobile point-of-sale (PoS) solutions to small and medium-sized enterprises (SMEs) in India, enabling merchants to accept card payments via devices attachable to mobile phones. The company launched its first mobile PoS card reader in 2012, followed by EMV chip and Pin compliant Wisepad in 2013, and Android-based Wisepos in June 2015. By July 2015, it served 30,000 merchants and aimed to expand to 1 million merchants across 400 cities while building a financial services platform including lending. On July 22, 2015, Mswipe raised $25 million (Rs 150-159 crore) in its Series C funding round, led by Falcon Edge Capital, with participation from new investors Ola (taxi aggregator) and Meru Capital, alongside existing backers Matrix Partners India, Axis Bank, and DSG Consumer Partners. The post-money valuation was approximately $101 million. Avendus Capital advised the fundraising. Funds were allocated to scale sales force, operations, technology infrastructure, merchant acquisition, and customer success. This followed prior rounds: angel funding in 2012 from investors including Deepak Shahdadpuri of DSG Consumer Partners; Series A in January 2013 led by Matrix Partners with Axis Bank; and $10 million Series B led by Matrix Partners and DSG with Axis Bank participation. Axis Bank later exited in 2017 by selling its 8% stake for Rs 80.94 crore, implying a higher valuation of Rs 1,012 crore ($157 million) at that time. Subsequent rounds included a $31 million Series D tranche in June 2017 valuing the company around $200 million, extended to $41 million with B Capital and others.

Who has invested in Mswipe Technologies?

10 investors have backed Mswipe Technologies across its funding rounds, including DSG Consumer Partners, B Capital, Alpha Wave Global, Z47, Meru Capital and Epiq Capital.

Lead investors include Alpha Wave Global, B Capital, DSG Consumer Partners and UC-RNT Fund.


Mswipe Technologies Investors

Investors in Mswipe Technologies by funding rounds participated
InvestorHQRoundsRoleFirst check
DSG Consumer PartnersSingaporeSingapore4LeadJul 2015
B CapitalUnited StatesLos Angeles, CA3LeadDec 2017
Alpha Wave GlobalUnited StatesMiami, FL3LeadJun 2017
Meru CapitalIndiaMumbai2ParticipantJul 2015
Z47IndiaMumbai2ParticipantJul 2015
Epiq CapitalIndiaMumbai1ParticipantMar 2019
UC-RNT FundUnited StatesHouston, TX1LeadJun 2017
Falcon CapitalUnited KingdomLondon1ParticipantJul 2015

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Mswipe Technologies

Mswipe Technologies has acquired 1 company to date.

Last acquisition by Mswipe Technologies was on May 16th 2017. Mswipe Technologies acquired PayU (POS unit and Payubiz) for undisclosed valuation.


Latest Acquisitions by Mswipe Technologies

PayU (POS unit and Payubiz)
Description
PayU POS and Payubiz is the Gurugram-headquartered online payments division of PayU India, providing gateway services for merchants in eCommerce, travel, and edtech. Payubiz supports 100 payment methods including netbanking from 50 banks, UPI, and wallets like Paytm. It offers tokenization, EMI plans, and white-label solutions integrated with platforms like OpenCart. Launched in 2015, it serves enterprises with high-volume transaction routing and 24/7 support.
HQ CountryIndia
HQ City
Mumbai
Deal Date16 May 2017
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Mswipe Technologies Competitors

Mswipe Technologies competitors include listed companies like AGS Transact, Yeahka and Tyro Payments, and private ones like Sundayapp, Coast and Mudflap.

Public and private companies comparable to Mswipe Technologies
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
AGS TransactIndiaIndiaPublicly listed$153M$21M$3M-
YeahkaChinaChinaPublicly listed$494M$23M$201M0.5x
Tyro PaymentsAustraliaAustraliaPublicly listed$339M$48M$260M0.5x
SundayappUnited StatesAtlanta, GAPrivate--$140M-
CoastUnited StatesNew York City, NYPrivate--$118M-
MudflapUnited StatesSan Francisco, CAPrivate--$700M-

Mswipe Technologies Public Comps

Mswipe Technologies is still privately-owned, but its public comps include Yeahka, KG Inicis, Fast Finance Pay, Fonix, Hecto Financial, DANAL, MobiKwik, Tyro Payments, i3 Verticals and GalaxiaMoneytree.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Yeahka$494M$23M0.4x0.5x8.9x5.2x
KG Inicis$989M$95M0.6x0.6x5.9x-
Fast Finance Pay------
Fonix$98M$20M2.0x1.8x9.9x8.9x
Hecto Financial$136M$14M----
DANAL$164M($33M)2.3x2.3x(11.3x)33.3x
MobiKwik$117M($6M)1.3x1.2x(24.3x)-
Tyro Payments$339M$48M0.6x0.5x3.9x3.9x

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Common questions about Mswipe Technologies

When was Mswipe Technologies founded?Mswipe Technologies was founded in 2011.
Where is Mswipe Technologies headquartered?Mswipe Technologies is headquartered in Mumbai, India.
Is Mswipe Technologies publicly listed?No, Mswipe Technologies is a private, VC-backed company.
What is Mswipe Technologies' valuation?Mswipe Technologies was last valued at $210M in its Series D in December 2017.
How much funding has Mswipe Technologies raised?Mswipe Technologies has raised $118M across 5 funding rounds.
What was Mswipe Technologies' last funding round?Mswipe Technologies' last funding round was a $20M undisclosed-stage round in February 2024, led by Alpha Wave Global.
Who are Mswipe Technologies' investors?Mswipe Technologies' investors include DSG Consumer Partners, B Capital, Alpha Wave Global, Meru Capital, Z47, Epiq Capital, UC-RNT Fund, Falcon Capital, OLA and Axis Bank.
What is Mswipe Technologies' revenue?Mswipe Technologies' latest recorded revenue is $6M (December 2017).
What is Mswipe Technologies' revenue multiple?Mswipe Technologies' latest valuation implies a 35.0x revenue multiple ($210M valuation on $6M of revenue).
Which companies are comparable to Mswipe Technologies?Companies comparable to Mswipe Technologies include AGS Transact, Yeahka, Tyro Payments, Sundayapp, Coast and Mudflap.
How many companies has Mswipe Technologies acquired?Mswipe Technologies has acquired 1 company, including PayU (POS unit and Payubiz).

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