mPOS startup Mosambee raises Series B funding round

The funding round was led by existing investors Rajasthan Venture Capital Fund (RVCF) and SIDBI Venture Capital.

The financials of the deal are not disclosed. The company will use the funds to complete its products and enhance their functionalities. In 2013, Mosambee had raised USD 1 million in funding from SIDBI. RVCF had also participated in the round.

Founded in 2008, Mosambee provides multi-mode payment solutions for merchants. It enables mobile phones to function as card reading machines for bill payments. Mosambee, which is active in Western and Northern parts of India, is looking to expand nationally as well as globally. It works with travel services providers as well as FMCG, and utility companies to provide solutions that mostly focus on operational aspects of data and inventory collections.