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Mumbai-based Mswipe Technologies raises $20M led by Alpha Wave Global, existing investors

IndianStartupNewsIndianStartupNews · 1y ago
Mumbai-based Mswipe Technologies raises $20M led by Alpha Wave Global, existing investors
Medial

Mumbai-based digital payments startup Mswipe Technologies has raised $20 million in a growth equity round led by Alpha Wave Global, with participation from existing investors. With this funding, Mswipe aims to expand its merchant payment network, enhance product development, and strengthen its technological infrastructure. The Reserve Bank of India recently granted Mswipe a payment aggregator license, allowing the company to offer comprehensive payment technology solutions. Mswipe plans to diversify beyond offline merchant acceptance devices and focus on payment gateway offerings for mid-tier businesses and MSMEs. The company reported a 14% YoY increase in revenue and reduced losses by 46% for FY23.

Decoding Ultrahuman’s Series B: Deepinder Goyal pumped in $10 Mn

EntrackrEntrackr · 1y ago
Decoding Ultrahuman’s Series B: Deepinder Goyal pumped in $10 Mn
Medial

Wearable tech startup Ultrahuman had raised $35 million in a mix of debt and equity in its Series B round led by Deepinder Goyal and existing investors Blume Ventures, Steadview Capital, Nexus VP, and Alpha Wave. While the company didn’t disclose about Goyal leading the round, Entrackr has decoded his investment along with others including Ultrahuman’s cap table and valuation through its regulatory filings. The board at Ultrahuman passed a special resolution to allot 6,979 Series B CCPS at an issue price of Rs 3,00,170 each to raise Rs 209.4 crore or $25 million, its regulatory filing accessed from the Registrar of Companies shows. Zomato’s co-founder Goyal led the round with Rs 83 crore while Alpha Wave and Blume Ventures infused Rs 66.34 crore and 29.86 crore, respectively. Nexus Venture Partners, Steadview Capital, and Panthera Capital participated with Rs 12.42 crore, Rs 13.77 crore, and Rs 4.14 crore. At the time of announcement, Ultrahuman said that the Series B round consisted of $25 million equity and $10 million debt. It’s worth noting that Ultrahuman’s co-founders Mohit Kumar and Vatsal Singhal sold their first startup Runnr to Zomato in September 2017. Zomato leveraged Runnr which merged with Mumbai-based TinyOwl to raise its own delivery fleet. Ultrahuman has raised over $60 million, including $35 million in Series B and $17.5 million in Series A in October 2022. As per TheKredible estimates, the company has been valued at around Rs 1,039 crore or $125 million (post-allotment of Series B round). Following the fresh proceeds, Nexus emerged as the largest external stakeholder with 17.26% followed by Alpha Wave’s 14.8% stake. Goyal holds 8.58% of the company. The company also has an ESOP pool of around 10.84% Head to TheKredible for the complete shareholding pattern. Ultrahuman is a self-quantification platform that provides a smart ring called Ring Air, a glucose monitoring wearable M1 Live, and a blood testing product called Blood Vision, among others. Ultrahuman demonstrated impressive financial performance in FY23 and its operating revenue flew 4X to Rs 30 crore. At the same time, the company’s losses grew only 21.4% to Rs 71 crore during the same period. Levels Health, Super Sapiens and Oura are the global peers of Ultrahuman.

Decoding Mswipe’s latest funding round, valuation and cap table

EntrackrEntrackr · 1y ago
Decoding Mswipe’s latest funding round, valuation and cap table
Medial

Digital payments company Mswipe Technologies recently announced $20 million in a new round led by existing backers. Apart from the name of investors, the company did not disclose further details. Entrackr has gone through its regulatory filings to decode details such as round break up, shareholding and current valuation. The board at Mswipe has passed a special resolution to allot 7,47,000 compulsory convertible debentures (CCD) at an issue price of Rs 2,000 each to raise Rs 149.4 crore or $18 million, its regulatory filing sourced from the Registrar of Companies shows. Alpha Wave has pumped in Rs 83 crore while B capital participated with Rs 66.4 crore in the fresh funding round. As per the filings, the company’s pre-money valuation stood at $290 million. This is a major slump in its valuation from $450 million during the last equity fundraise in 2019. Mswipe Technologies will use these funds to meet the working capital requirement and support the expansion of the business and for general corporate purposes, the filings added. Following the proceeds, Matrix Partners remains the largest external stakeholder with 21.46% while Alpha Wave and B Capital hold 10.43% and 11.4%, respectively. Its co-founder Manish Patel along with Sheetal Patel commands 14.21%of the company. Head to TheKredible for the complete shareholding pattern. In February, the Mumbai-based company received a payment aggregator (PA) license from the Reserve Bank of India (RBI) which enables Mswipe to offer full-stack payments to businesses. Mswipe provides point-of-sale devices, UPI, quick response codes and payment links. While the company is yet to file its financial statements for FY24, according to the startup data intelligence platform TheKredible, Mswipe’s revenue from operations increased 13.69% to Rs 274 crore in FY23 compared to Rs 241 crore in FY22. Its losses contracted by 45.36% to Rs 49 crore in FY23 from Rs 90 crore in FY22.

After securing PA license, Mswipe raises $20 Mn in Alpha Wave-led round

EntrackrEntrackr · 1y ago
After securing PA license, Mswipe raises $20 Mn in Alpha Wave-led round
Medial

Mswipe Technologies has closed a $20 million growth equity round led by Alpha Wave Global along with the participation of existing investors. The digital payments company recently received a payment aggregator (PA) license from the Reserve Bank of India (RBI). It’s worth noting that the funding has come after a gap of almost five years for the Mumbai-based company. To date, the startup has raised over $125 million from several marquee investors, including Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT, and Ola. Fresh capital will help Mswipe expand its merchant payment network, and further strengthen product development and technological infrastructure, the company said in a press release. Mswipe provides a host of offline and online payment acceptance solutions, including point-of-sale devices, UPI, quick response codes and payment links to help offline merchants receive payments digitally. As mentioned above, Mswipe was recently granted the PA licence, which now enables the firm to provide full-stack payment technology providing omni-channel solutions. The PA license solidifies the company’s objective to enhance its suite of offerings while delivering secure payment technology to banking partners, enterprises, and merchants across categories, Mswipe had said in a statement. Mswipe has now joined the likes of Zomato, Decentro, Zoho, Juspay, Razorpay, Cashfree, Open and Enkash which recently received a nod from RBI to operate as an online payment aggregation platform. As per startup data intelligence platform TheKredible, Mswipe’s revenue from operations increased 13.69% to Rs 274 crore in FY23 compared to Rs 241 crore in FY22. Its losses contracted by 45.36% to Rs 49 crore in FY23 from Rs 90 crore in FY22. The company claims that it has been profitable at an EBITDA level for the last five quarters.

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