Mobikwik Raises 50 million in series C

The Gurgaon-based One MobiKwik Systems, which owns online recharge and mobile wallet MobiKwik, has raised about $50 million (Approx. INR 332 crore) in fresh capital, in a new round led by Japan’s GMO Payment Gateway and Taiwanese fabless semiconductor company MediaTek.

“MobiKwik is excited to have raised an undisclosed amount in the Series-C round of funding led by GMO and MediaTek. GMO is Japan’s leading payment gateway, and MediaTek is the world’s leading semiconductor company,” a company spokesperson said.

MobiKwik has 30 million users and has partnered with 75,000 retailers throughout the country including Big Bazaar, WHSmith India, Cafe Coffee Day and Store King in the offline space.

In online space, it has partnered firms like OYO Rooms, BookMyShow, Grofers, Big Basket, eBay, ShopClues, Myntra, Jabong, Pepperfry and MakeMyTrip, among others.

Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik allows users to load money into a digital wallet using cash, loyalty points, debit card, credit card and Net banking, after which it can be utilized to make purchases online. It enables users to discover retailers and then start paying them.

According to a statement released by GMO Payment Gateway, the company has made the investment through GMO Global Payment Fund, a $15-million fund, backed by major financial institutions, including, credit card issuers and acquiring banks, and which targets investment opportunities among payments companies throughout Asia, with a strong focus on South East Asia.

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