MobiKwik To Raise $100 Million In Funding in 2017

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Mobile Wallets are gaining steam in India. A large number of users have quickly adapted to wallets following the demonetization drive of November. MobiKwik is one of the most recognizable and popular names when it comes to mobile wallets in India. The app is now looking forward to raise about $100 Million in funding this year, as they look forward to expanding into the markets as competition from the likes of PayTM and Freecharge steps up. Let us take a closer look –

MobiKwik, which recently got a funding of $35 Million (225 Crores) from Bajaj Finance in exchange for a 10.83% stake, is now looking forward to raise even more money as they plan to take the fight up to the industry leader PayTM. “We had said that we plan to raise about $150 million and this investment (from Bajaj Finance) is the first tranche. We are in talks with private equity and venture capitalists to raise over $100 million,” MobiKwik Co-Founder Upasana Taku told PTI.

Following the deal with Bajaj Finance, MobiKwik is now evaluated at $300 Million. The wallet, which has over 15 Lakh merchants and 55 Million users has also been funded by the likes of Net1, Sequoia Capital, American Express, Tree Line Asia and Cisco Investments. MobiKwik is working with Bajaj Finance to launch many innovative services on their app.
Last week, we saw Axis Bank take over Freecharge for a deal of Rs. 385 Crores. Following that takeover, with the backing of Axis Bank, Freecharge is expected to boom. MobiKwik is expected to fight against them as well as PayTM to gain as many users as possible. The Indian mobile wallets market is growing like never before and it is expected that a large number of players are going to be involved here as investors. Stay tuned with us for regular updates on the Indian tech industry.

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