MobiKwik, Gurgaon based mobile wallet company raised an undisclosed amount of funding from Japan’s GMO Payment Gateway and MediaTek, a Taiwanese semiconductor company.
GMO Payment gateway is Japan’s number 1 payment Gateway and MediaTek of Taiwan is world’s leading semiconductor company.
This was a part of its series C funding with participation from existing investors Sequoia Capital and Tree Line Asia as well.
MobiKwik plans to use the recent round of funding for product innovation, ramping up the team and growth of users.
MobiKwik was founded by Bipin Preet Singh and Upasana Taku in 2009. MobiKwik is an online wallet which helps users to pay for their mobile recharge and bill payments in a matter of seconds. It has got a huge lists of partnerships under its name and big companies like Café Coffee Day, Dominos, Pizza Hut, eBay , Jabong, Snapdeal, ShopClues etc being associated with it.
Bipin Preet Singh, founder and CEO of MobiKwik said,”We are very excited to live up to h investors’ expectations and raise the funding. MobiKwik is a dominating player in the Indian mobile payments space and continues its consistent growth trajectory while staying to its DNA of rapid product innovation and capital efficiency. Our valuation too has significantly increased.
In a statement of the investment, it was mentioned, “ in a bid to form strategic business partnership with a promising and growing company in India. Together with MediaTek, the world’s biggest fables semiconductor company, GMO-PG is lead investor in a joint investment with major venture capital firm Sequoia Capital and other parties”.
Before this series of funding, MobiKwik also raised an amount of $6.5 Million in December 2015 from existing investors Sequoia Capital and Asia focused hedge fund Tree Line Asia. In the previous series B round, other companies like Cisco Investment and American Express also participated.
Recently in March 2016, MobiKwik launched its new product belonging to the hyperlocal section by the name “Explore Nearby” which helps users to explore neighborhood stores, restaurants etc which accept wallet payments.
