Expansion plans of Indian Startups in the Payments Space in 2013

Amongst the payment based startups in India, the latest to get funding is Livquik. Snow Leopard Technology Ventures has funded an undisclosed amount to Livquik in August, 2013. The funds will be used to expand the engineering, operations and marketing teams of the company. Livquik is all set to launch QuikWallet which is a mobile wallet payment system that can be used at restaurants and retail outlets by smartphone users for paying the merchants on goods and services.

My Mobile Payment’s Ltd. a Mumbai based mobile payment firm is all set to raise its series B funding between $75 Million - $100 Million. The funds will be aimed at increasing revenue and expanding existing operations to support revenue growth. Last year i.e. in 2012, the company had raised $29.7 Million from Calpian Inc, which is a Texas based company dealing with electronics payment processing.

MSwipe which is a Mobile Point of Sales company raised an undisclosed sum as funding from Matrix Partners which is a Venture Capital firm. MSwipe manufactures mobile payment device and also offers an app which can be run on Android, Java and iOS devices. MSwipe device can be plugged into a audio jack of a mobile phone to enable payments.

Beam Money is planning to raise another $20 Million as part of the second round of investor funding. Unlike other payment based startups, Beam Money enjoys significant support from the Government agencies like the RBI. Beam Money is authorized by RBI to offer various services under utility bill payments, cinema bookings, domestic money transfers, etc. As part of their expansion plans, Beam Money plans to utilize the funds to serve 100Million customers by 2017 and have 600,000 franchisees nationally.

Vaseem Khan

Vaseem Khan is a founding member and a primary author at MEDICI. He is a Payments enthusiast and an avid reader. He loves being involved on initiatives related to Technology, Startups & Payments. He has been associated with companies like Gallup as a Management Consultant and Oracle as an Account Manager.

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