Fintech startup Zerone Microsystems Pvt Ltd has raised $1.3 million (Rs 9.5 crore) as part of its pre-Series A funding round led by the Indian Angel Network (IAN).
IAN said in a statement that its IAN Fund and The Chennai Angels also participated in this round.
Jaijit Bhattacharya, founder, and CEO, Zerone, said the company will use the funds to strengthen its platform and provide better services to customers.
The statement said that Zerone has built a cloud-based, ultra-low-cost solution called Bharat ZupPOS that helps convert a smartphone into a payment terminal. This enables merchants to accept payment from credit cards, debit cards, and UPI apps such as BHIM without any additional hardware, it added.
The company claims to have more than 30,000 merchants in different parts of the country.
Bhattacharya, an ex-KPMG senior partner, said that currently, 80 million people require digital payment acceptance terminals in India but only 4 million merchants have the hardware POS (point of sale) machine. “So, there is a sizeable unmet market demand existing,” he added.