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.