NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, February 10, 2017

Indian mobile payments and digital wallet firm MobiKwik says it is in talks to raise more funds at a level that would give the start-up a $1 billion (roughly Rs. 6,698 crores) valuation, as it pushes to forge new ties with banks and offer new financial services on its platform.

The company, which has raised about $80 million (roughly Rs. 535 crores) in funding so far, will likely see a new cash infusion in the next month, or two, founder and Chief Executive Bipin Preet Singh told Reuters on Wednesday, while declining to comment on how big an equity stake the company might be offering to sell.

Asked about MobiKwik’s valuation, Singh said, “We should be touching a billion (dollars) soon … in the next one or two months.” He declined to comment on which parties MobiKwik is in talks with or how much money was being sought.

Singh said the company, which will likely break even in the middle of 2018, was at the same time not in a rush to raise funds as it remained well capitalised.