FB co-founder backs first Indian start-up
Facebook co-founder Eduardo Saverin is participating in a $40million investment in Mswipe Technologies, his first foray into the India start-up market.
Saverin’s B Capital Group and DSG Consumer Partners are leading the funding round, which also includes Ratan Tata’s UC-RNT Fund, Matrix Partners India and Falcon Edge Capital. Saverin will join the company’s board and work with its management on expansion.
The Brazilian-born billionaire has reinvented himself as a venture capitalist since relocating to Singapore in 2009. Previously, he had drawn attention for disputes with Mark Zuckerberg, immortalised in The Social Network, and his renunciation of US citizenship, which was criticised as tax dodge.
He invests personally and through B Capital Group, a global VC firm he co-founded that focusses on financial technology, healthcare, industrial logistics and consumer technology companies. His investments include the house-hunting site 99.co and e-commerce provider Orami, while B Capital put money into parcel-delivery service Ninja Van.
Mswipe’s platform enables merchants to accept digital payments such as UPI, Google Tez, PhonePe, Bharat QR and BHIM as well as credit-card payments.