Bangalore:Ezetap Mobile Solutions Pvt. Ltd, a Bangalore-based mobile card payments startup, on Friday said it raised $8 million from Helion Advisors Pvt. Ltd and existing investors Social Capital Partnership LP and Berggruen Holdings Inc.

Ezetap, founded in 2011 by Abhijit Bose, Bhakta Keshavachar and Sanjay Swamy, enables mobile phones to function as card reading machines for real-time bill payments. Its card payment solution comprises a lightweight card reader, a mobile app, and a platform that facilitates integration with a merchant’s existing technology.

“There is an enormous need to provide electronic payments across emerging markets," Abhijit Bose, chief executive, Ezetap, said in a statement.

Ezetap has deployed more than 12,000 mobile card reading devices in South East Asia and Africa, and plans to use the latest funds raised to expand further in these emerging markets. The company expects to deploy 1,00,000 devices in the coming year.

The device, which was launched in July last year, costs about $50 each and provides its technology to various retail brands, including Myntra, BookMyShow, Olacabs, redBus, and BigBasket.

Silicon Valley-based Social Capital Partnership and Berggruen Holdings had together invested around $3.5 million in the company in 2012.

“Helion believes that Ezetap is best poised to lead mobile payments, given the massive change in paradigms of electronic payments, especially in emerging markets," said Ashish Gupta, managing director at Helion Advisors. “The investment also ties in with Helion’s game plan to invest in companies creating technologies to address global market opportunities."

This is Helion’s third investment in a company creating enterprise technology products. The first two were in file security company Seclore Technologies Pvt. Ltd and language translation company Linguanext Technologies Pvt. Ltd.

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