One97 Mobility Fund invests in MobiSwipe

MobiSwipe Technologies, a Mumbai-based mobile point of sale (PoS) company has secured investments by the One97 Mobility Fund. With this investment, Vijay Shekhar Sharma, founder and CEO of One97 will join MobiSwipe Board and will be the Chairman of the company.

MobiSwipe plans to launch mobile customized PoS products for Indian merchants. Funding enables MobiSwipe to scale up operations and accelerate growth. One97 Mobility Fund is a early-stage investor.

MobiSwipe headed by 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.

It 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. 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. 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.