Jaipur , 18th April : Singapore based Pine Labs made significant majority investment in Mosambee; Mumbai based fintech startup and RVCF’s portfolio company.
This investment by
Pine Labs values Mosambee at upwards of USD 100m.RVCF an existing investor in
the company along with SIDBI Venture Capital Limited exited completely from the
company. RVCF’s gross exit receipt is Rs 101 Cr against an investment of Rs
5.25 Crore.
Speaking on this development, RVCF’s Chairperson,
Ms. Archana Singh said “The exit is a big boost to VC ecosystem in the state
and will give a lot of confidence to Investors in this asset class. The exit
will pave path for RVCF’s new fund.”
RVCF’s CEO, Mr. Suneet Mathur said “like most of the
fund’s bets on early stage, the Mosambee investment was also about backing the
experience and talent of the founders and the vision. Ecstatic with the outcome
with some more exits lined up.”
RVCF is a state supported Venture fund, currently
has 3 funds under management and investment in 44 portfolio companies with a
special focus on Rajasthan and other Low Income states focusing on investments
in SME space with the objective of creating impact with returns. Other key
investments of RVCF include Woodenstreet Furnitures, Medcords, Elixia Tech,
Krimanshi, Freshokartz, Fabriclore etc.
Mosambee is a payment solution company and offers a curated merchant solutions platform
catering to offline and online merchants in India and six other countries.
Besides corporate clients, a huge base of almost 1 million+ SME merchants and
various government departments currently use Mosambee’s solutions to digitize
their payment collections. In 2020, Mosambee received India’s first
certification for the tap and pay payment. In February 2022, Mosambee had
announced the acquisition of Benow, a digital payments and EMI technology
platform.
Pine Labs is a leading merchant commerce platform,
it serves prominent large, mid-sized and small merchants across India and
Southeast Asia. The company's leading cloud-based software platform enables it
to offer a wide range of payment acceptance and merchant commerce solutions
including enterprise automation systems such as inventory management and
customer relationship management.