19. Ezetap

Powering India's cashless revolution.

Founders: Shripati Acharya, Abhijit Bose (CEO), Bhaktha Keshavachar,
Bala Parthasarathy, Sanjay Swamy
Launched: 2011
Headquarters: Bangalore, India
$51 million
Valuation: $200 million
Key technologies:
Electronic payments

George Kavallines | CNBC

Think about this: There are more than 1 billion people in India that use a cellphone, yet a large percentage of the population is considered unbanked. That combination is what's fueling Ezetap. The Bangalore-based company has developed a technology that allows merchants to accept payments via anything — be it smartphones, physical cards, online payments and digital wallets, to name a few. Ezetap's software is used by more than 200,000 merchants in India, and the company is processing more than $135 million in transactions monthly, eight times more than it was at the start of 2016. Ezetap says it's on track to triple its volume over the next 18 months.

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The electronic payments space is quickly becoming crowded. In its region, Ezetap competes with Paytm, a company backed by Alibaba and Softbank, as well as MobiKwik. But investors have faith in the company. It's raised $51 million so far from JS Capital and Social Capital and claims it is adding 1.8 million users to its platform each month.