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Exclusive: Mswipe denies reports of fund crunch; Claims Company has enough funds

B2b Fintech startup Mswipe has categorically denied reports that it is facing any fund crunch and is desperately looking for getting acquired. Earlier today, a leading media portal had reported that Mswipe is running out of funds and is in talks with companies like Paytm and Bharatpe for a sellout. The news portal cited the impact of COVID -19 as the reason for Mswipe’s crises.

Mswipe denies reports of fund crunch  

To ascertain the truth and authenticity of the report, Techpluto reached to Mswipe. In response, Mswipe’s CEO Manish Patel issued a media statement that called this media report as baseless and completely misleading.

Firmly denying any adverse impact of COVID -19, Patel said “Mswipe achieved company-wide cash breakeven before the COVID  lockdown  began  in  March  2020.  During this time period we also enjoyed robust growth of 50%+YoY.”

He further added “Even  under  a  scenario  where  India  is  locked  down  for  an  entire  year,  Mswipe  is  in  the enviable position of enjoying a comfortable runway of over 36 months.”

Patel also stressed that the company is currently focused on building and pushing additional digital value-added services to its SMEs and is in the process of on-boarding top talent. Additionally, he claimed that the company will soon be launching new products that seek to further strengthen our leadership position in the SME focused market.

Notably, Mswipe had last raised funds in March last year, raising nearly INR 219 Crore from Falcon Edge, Facebook’s co-founder Eduardo Saverin’s B Capital Asia and other investors.

Founded in 2011, Mswipe develops mobile PoS devices and also offers payment gateway for processing payment online. The company claims to be India’s largest non-bank merchant network with an industry-leading base of 630,000+ POS terminals and 1.3mn+ QRs.

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