FB co-founder backs first In­dian start-up

The Hindu Business Line - - NEWS - BLOOMBERG

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.

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