RVCF EXITS FINTECH STARTUP MOSAMBEE WITH WHOPPING 19X RETURNS

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Jaipur : Singapore-based PineLabs has made a significant investment in Rajasthan Venture Capital Fund RVCF's Mumbai-based portfolio company Mausambi, a fintech startup. In this deal, Mausambi has been valued by Pine Labs at US$100 million or US$100 million. RVCF and SIDBI Ventures, which were institutional investors in Mausambi, have now fully disinvested their stake. With this disinvestment, RVCF has received Rs.101 crore (gross) against the original investment of Rs. 5.25 crore, which is a historic achievement.

Commenting on this significant disinvestment, RVCF Chairperson Smt. Archana Singh said that this disinvestment will strengthen the startup ecosystem of the state and will increase the interest of investors towards startups. This disinvestment will also help RVCF to launch its new fund.

Sunit Mathur, CEO, RVCF said that the company takes its investment decision after assessing the business model of new startups and the experience and talent of the promoters and investment in Mosambi was also a decision based on these parameters. There may be some more attractive disinvestments in future also."

RVCF is a State Backed Venture Fund, currently has 3 Funds under management and investments in 44 Portfolio Companies with a special focus on Rajasthan and other low income states, focusing on investing in the SME space with an aim to create impact with returns are doing. RVCF's other key investments include Woodstreet Furniture, Medcords, Alixia Tech, Crimanshia, Frescokartz, Fabriclor etc.

Mosambi is a payment solutions company that provides a curated merchant solutions platform for offline and online merchants in India and six other countries. Apart from corporate clients, a large base of around 1 million SME merchants and various government departments currently use Mosambi's solutions for their digitization. In 2020, Mosambi received India's first certification for Tap & Pay payments. In February 2022, Mosambi announced the acquisition of digital payments and EMI technology platform Beno.

Pine Labs is a leading merchant commerce platform, serving major large, medium and small sized merchants in India and South East 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.




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