Payment management company, Suvidhaa Infoserve has acquired Aasaanpay Solutions, a mobile point of sale (mPoS) startup incubated at the International Institute of Information Technology (IIIT) Hyderabad, for an undisclosed amount, according to a media report.
The acquisition will give an exit for Tvarita Capital, an early stage growth fund that had invested an undisclosed amount in Aasaanpay in 2012.
Founded in 2012 by Sainath Gupta, Pruthvi Sabbu, and Shashank Sahni, Aasaanpay allows customers and retailers to transact in a safe, secure and easy manner. It technology helps carry out transactions via smartphone instead of a traditional bulky POS machine.
Aasaanpay devised technology to plug in card readers to mobile devices and enable transactions using debit cards and it claims to be the first company to use mPoS systems.
Founded in 2007, Suvidhaa Infoserve offers individuals the means to make electronic payments online and over their mobile phones. It provides convenience to its customers who are looking for travel, utility, e-Governance, and entertainment related services. The company appoints local neighborhood stores, including grocery stores, medical stores, travel agents, and cyber cafes as its franchisees to distribute the services to consumers.
Currently, it handles remittances and payment transactions worth Rs 80 billion annually with 80,000 retail locations across India.