Indian Mobile Wallet Leader MobiKwik Raises Close to $25 Million in Funding, Targets Another $100 Million By End of 2015
Wednesday, April 8, 2015
Mobile wallet company, MobiKwik, which has over 15 million users and 25,000 merchants, has announced that it raised close to $25 million in a Series B round led by Tree Line Asia. Cisco Investments, American Express and the existing investor, Sequoia Capital were part of the fund raising drive.
MobiKwik says the funds will be used for investments in technology/data analytics, brand building and growing the network of users and merchants.
In 2015, MobiKwik has been focused on creating a brick-and-mortar retail network of more than 100,000 merchants across India. The brick and mortar retail stores will serve both as points for cash loading into the wallet and for wallet payments acceptance.
MbiKwik has also applied for a payments bank license in February 2015. If that fructifies, MobiKwik plans to disrupt the delivery of financial services in India by using mobile technology to reach people that the existing banking networks have been unable to reach.