enStage raises funding from Accel Partners India
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enStage raises funding from Accel Partners India
Bangalore: Accel Partners India, an early stage venture firm has invested in enStage, a provider of payment solutions based in California, reports Reuters. enStage provides authentication and payment solutions in prepaid, online and mobile payments. The company, which is looking to expand in India and China, had earlier raised $69 million from other investors. "enStage has not only developed unique payment products, but also established itself as a market leader in India; it is rapidly becoming a leading provider of infrastructure services in electronic payments," said Subrata Mitra, Partner, Accel India. enStage is founded by Govind Setlur, who is also the CEO and Veena Mistry is the CTO. It offers hosting and processing services, including payment products and security solutions. Its payment products consist of the electronic card used by HDFC Bank under the name of NetSafe and the Verified by Visa solution which has been launched by several financial institutions. Some of its other clients are ICICI Bank, Kotak Mahindra Bank, Andhra Bank and Axis Bank. A lot of mobile and electronic payment firms have attracted venture capital funding in India in the recent past. Paymate, mCheck, JiGrahak and Prizm Payments are some of the other VC-backed firms, who are focusing on India, in this space. Nokia�s investment of $70 million in Obopay has been one of the biggest deals in recent times.

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