Biography of Manish Patel: Co-founder of Mswipe Technologie & Milestone Merchandise-Entrepreneur
Story of Manish Patel: From Medicine to Tech Innovation
Early Life and Education
Manish Patel’s journey began with a diverse and
unconventional upbringing. Growing up in South Africa, he was homeschooled and
surrounded by circus performers, an experience that shaped his adventurous
spirit. He later moved to Mumbai to pursue his medical studies, earning his
MBBS degree from T.N. Medical College. Although his path initially seemed
directed toward a medical career, Patel’s interests and opportunities led him
in a different direction.
A Shift from Medicine to Business
After completing his medical degree, Patel ventured into the
business world, focusing on the alcohol distribution industry. In 1999, he
co-founded Milestone Merchandise, an Alcobev distribution company. Under his
leadership, the company achieved significant success, with fiscal year 2012
sales reaching Rs 140 crores. This experience provided him with valuable
business insights and prepared him for future entrepreneurial ventures.
Identifying a Market Gap
While managing his alcohol franchise, Sante Wines and Beer,
Patel observed a significant issue faced by small and medium-sized merchants in
India. These merchants struggled to accept card payments due to the high costs
and limited availability of Point-of-Sale (PoS) terminals. Patel realized that
technology was a barrier, as traditional banks were focused on selling services
rather than addressing this gap.
Biography of Manish Patel: Co-founder of Mswipe Technologie-Entrepreneur/Success story of Manish Patel/Life story/Age/Net worth/Milestone Merchandise
Inspiration for Mswipe
The problem Patel identified became the catalyst for his
next venture. Determined to find a solution, he researched the market and
discovered that India had a low penetration of PoS terminals. Recognizing that
banks were hesitant to invest in affordable, reliable PoS technology, Patel saw
an opportunity to create a cost-effective solution.
Founding Mswipe Technologies
In 2011, Patel co-founded Mswipe Technologies with the goal
of providing a low-cost, reliable PoS terminal solution for small and
medium-sized enterprises. He assembled an engineering team to develop an
end-to-end technology stack, focusing on creating a card reader that could
connect to smartphones via the headphone jack. This innovation transformed
mobile devices into PoS terminals capable of accepting card payments.
Initial Challenges and Breakthroughs
Starting Mswipe was not without its challenges. Patel faced
obstacles in developing technology that was affordable and scalable. However,
his persistence paid off as he successfully launched Mswipe Technologies, which
quickly began to attract merchants. By addressing the needs of both large
retailers and small street vendors, Mswipe offered equal access to payment
technology.
Expansion and Growth
Mswipe Technologies rapidly grew its merchant base, reaching
over 500,000 merchants across India. The company’s setup allowed merchants to
accept various payment methods, including card payments, UPI, Bharat QR, and
BHIM. This comprehensive approach helped bridge the gap between traditional
payment methods and modern digital transactions.
Funding Success and Investment
The success of Mswipe attracted significant investment from
prominent venture capital firms. In March 2019, the company raised Rs 219.8
crore in a Series E funding round from US-based hedge fund Falcon Edge, Eduardo
Saverin’s B Capital Asia, and other investors. This followed previous funding
rounds, including a $41 million Series D round in 2017 and a $25 million Series
C round.
Impact on the Indian Market
Mswipe’s impact on the Indian market has been substantial.
By addressing the under-penetration of PoS terminals, the company has empowered
millions of merchants to accept card payments and other digital transactions.
This has contributed to the broader adoption of cashless payments and the growth
of India’s fintech ecosystem.
A Diverse Entrepreneurial Path
Manish Patel’s career reflects a blend of diverse interests
and expertise. From his initial foray into alcohol distribution to his role as
an angel investor, Patel’s journey has been marked by a willingness to explore
new opportunities. His experience in both business and technology has positioned
him as a leading figure in India’s fintech industry.
Challenges and Innovations
Despite facing numerous challenges, Patel’s innovative
approach has driven Mswipe’s success. His focus on solving real-world problems
through technology has resulted in practical solutions that benefit both small
and large businesses. The development of affordable PoS terminals and digital
payment solutions has been central to Mswipe’s growth.
Leadership and Vision
As the Managing Director and Board Member at Mswipe, Patel continues
to lead the company with a clear vision. His background in medicine and
business provides him with a unique perspective on problem-solving and
innovation. Patel’s leadership has been instrumental in steering Mswipe through
its various growth phases and funding rounds.
Future Prospects for Mswipe
Looking ahead, Mswipe is well-positioned to expand its reach
and continue impacting the Indian market. The company’s ability to adapt to
changing technological trends and market demands will be crucial for its
sustained success. Patel’s commitment to addressing payment challenges and
enhancing financial inclusion remains a driving force for the company.
Reflecting on a Unique Career
Patel often reflects on his varied career with a sense of
fulfillment. From his medical studies to his entrepreneurial ventures, his
journey has been marked by a willingness to embrace change and pursue his
passions. Patel’s story illustrates how diverse experiences can converge to
create significant impact in unexpected ways.
A Legacy of Innovation
Manish Patel’s contributions to the fintech industry have
left a lasting legacy. Through Mswipe, he has transformed the landscape of
payment technology in India, making it more accessible and inclusive. His work
exemplifies the potential for innovation to address pressing market needs and
drive positive change.
Conclusion and Reflection
In conclusion, Manish Patel’s career trajectory showcases
his adaptability and innovative spirit. His transition from medicine to
business and technology highlights his ability to identify opportunities and
create impactful solutions. Patel’s ongoing work with Mswipe and his role as an
angel investor continue to influence the fintech industry, reflecting his
dedication to solving real-world problems through technology.
Manish Patel's Timeline
Early Life: Homeschooled in South Africa, influenced by
circus performers.
1999: Co-founded Milestone Merchandise.
2012: Achieved Rs 140 crores in sales at Milestone
Merchandise.
2011: Co-founded Mswipe Technologies.
2012: Launched a smartphone-based PoS card reader.
2017: Raised $25 million in Series C funding for Mswipe.
March 2019: Secured Rs 219.8 crore in Series E funding.
2019-Present: Mswipe continues to expand and impact the
fintech market.
