MobiKwik Raises Additional Funding Of About $6.5 Mn From Sequoia & Others

Gurgaon-based mobile wallet company, MobiKwik, has closed about $6.5 Mn (INR 44 Cr.), in a mix of debt and equity funding from existing investors Sequoia Capital and Asia-focused hedge fund Tree Line Asia. The investment is part of the Series B round which the company had raised in June, 2015.

The round also saw participation from Cisco Investments and American Express.

The funds will be utilised to drive product innovation, brand and marketing initiatives and for expanding mobile payments in the offline space.

Started in 2009 by Bipin and Upasana Taku, MobiKwik, is a wallet that enables users to pay in a flash for their mobile recharge and bill payments. It has partnered with over 50,000 businesses like Café Coffee Day, PVR, Domino’s Pizza, Pizza Hut, TastyKhana, JustEat, eBay, Jabong, Snapdeal, ShopClues, HomeShop18 among others.

The payments sector is seeing a lot of investor interest and activity in recent times. Ecommerce giant Alibaba Group and its affiliate Ant Financial invested over $830 Mn in mcommerce giant Paytm against 30% stake. While Mumbai-based payment solutions company, Citrus Payment Solutions, raised about $25 Mn (INR 162 Cr) from a group of new and existing investors.

Another payments solutions startup Innoviti Payment Solutions raised $5 Mn in funding from former chairman of Infosys, NR Narayana Murthy’s Catamaran Ventures in July this year.

Other payments solutions startups include FortunePay and Ezetap Mobile Solutions Pvt Ltd.

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