Mumbai-based Synergistic Financial Networks Pvt Ltd, which runs mPOS (mobile point of sale) solutions venture Mosambee, has appointed Micromax CTO Ashish Agrawal as an independent board member.
"Ashish's global experience will help us get the right perspective on scaling up our solutions for Indian as well as global markets. Having been in the payments space for a long time he is ideally suited as someone who can help us develop on ideas and provide the important third-party validations," Alok Arora, CEO of Mosambee, said in a press statement.
Agrawal joined handset maker Micromax as CTO in February last year. Prior to joining Micromax, he was the CTO at Sirqul. Before Sirqul, Agrawal spent 14 years with Amazon in software development, product development and technology leadership roles.
Founded in 2008 by Arora, Bhushan Thaker and Sameer Chugh, Mosambee offers multi-mode payment solutions for merchants. It enables mobile phones to function as card reading machines for real-time bill payments. The company's flagship product is an mPOS solution for which it has partnered with HDFC, Yes Bank and IDBI bank. Its mPOS solution also has customers in Qatar and Mauritius.
In February last year, Mosambee had raised an undisclosed amount in its Series B funding from existing investors Rajasthan Venture Capital Fund (RVCF) and SIDBI Venture Capital Ltd.
In 2013, it had raised $1 million in funding from the same investors.