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Mobile wallet firm MobiKwik has raised $25 million in Series B funding from a bunch of investors led by Tree Line Asia. The other investors include Cisco Investments, American Express, and the existing investor, Sequoia Capital, the company said in a release here today.
The funds will be used for investments in technology/ data analytics, brand building, and growing the network of users and merchants.
Bipin Preet Singh, Founder and CEO, MobiKwik said, “We have a 100 per cent focus on creating a neutral, interoperable, and widely accepted wallet. With over 15 million wallet users, and neutrality towards 25,000 merchants, we are now aiming for the next level of growth and building a ubiquitous mobile wallet for a billion Indians. With 90 per cent of Indians being unbanked, simplified payments via a mobile wallet makes perfect sense. Taking millions of Indians from cash to digital transactions and building a rich user profile to meet all their financial services needs, is our mission at MobiKwik.”
MobiKwik is focused on creating a pervasive 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 and for wallet payments acceptance. The company also applied for a Payments Bank licence in February 2015. With a potential Payments Bank licence, 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. MobiKwik’s new initiatives include a strong offline push with a recent tie-up with Café Coffee Day, where customers can pay for their coffee and snack across all CCD outlets via their MobiKwik wallet.
“We are delighted to have American Express and Cisco on board. We intend to leverage their strong understanding of financial transactions, user behaviour and bleeding edge technology to make MobiKwik the most trusted way to pay in India,” added Bipin.
Ambit Corporate Finance was the exclusive financial advisor to the deal.
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