February 8, 2023
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RVCF exits Fintech startup Mosambee with whopping 19X returns

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Jaipur, April 2022: Singapore based Pine Labs made significant majority investment in Mosambee; Mumbai based fintech startup and RVCF’s portfolio company. This investment by Pine Labs values Mosambee at upwards of USD 100m.RVCF an existing investor in the company along with SIDBI Venture Capital Limited exited completely from the company. RVCF’s gross exit receipt is Rs 101 Cr against an investment of Rs 5.25 Crore.

Speaking on this development, RVCF’s Chairperson, Ms. Archana Singh said “The exit is a big boost to VC ecosystem in the state and will give a lot of confidence to Investors in this asset class. The exit will pave path for RVCF’s new fund.”

RVCF’s CEO, Mr. Suneet Mathur said “like most of the fund’s bets on early stage, the Mosambee investment was also about backing the experience and talent of the founders and the vision. Ecstatic with the outcome with some more exits lined up.”

RVCF is a state supported Venture fund, currently has 3 funds under management and
investment in 44 portfolio companies with a special focus on Rajasthan and other Low Income states focusing on investments in SME space with the objective of creating impact with returns. Other key investments of RVCF include Woodenstreet Furnitures, Medcords, Elixia Tech, Krimanshi, Freshokartz, Fabriclore etc.

Mosambee is a payment solution company and offers a curated merchant solutions platform catering to offline and online merchants in India and six other countries. Besides corporate clients, a huge base of almost 1 million+ SME merchants and various government departments currently use Mosambee’s solutions to digitize their payment collections. In 2020, Mosambee received India’s first certification for the tap and pay payment. In February 2022, Mosambee had announced the acquisition of Benow, a digital payments and EMI technology platform.

Pine Labs is a leading merchant commerce platform, it serves prominent large, mid-sized and small merchants across India and Southeast 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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