MobiKwik raises $50 million from Japanese firm GMO, Taiwan’s MediaTek, others1 min read . Updated: 03 May 2016, 02:21 PM IST
The company will use the fresh fund for product innovation, ramping up the team and user growth
New Delhi: Mobile wallet company One MobiKwik Systems Pvt. Ltd on Tuesday said it has raised money in a fresh round of funding led by Japan’s payment gateway GMO and Taiwan’s semiconductor company MediaTek.
Existing investors Sequoia Capital and Treeline Asia also participated in the current round.
While the company did not specify the amount raised, the amount is close to $50 million, two people aware of the development said.
The news was first reported by The Economic Times on Tuesday.
The company has so far raised around $30 million in multiple rounds through venture capital funding from Sequoia Capital, American Express, Tree Line Asia and Cisco Investments.
The company, which has over 30 million users and 75,000 merchants, will use the fresh fund for product innovation, ramping up the team and user growth.
The company said its GMV (gross merchandise value) has grown by 250% year-on-year for the last four years, but did not disclose the actual numbers.
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 (brick-and-mortar stores, e-commerce websites, m-commerce apps, billers etc) and then start paying them.
It is currently powering payments for companies such as Uber, Meru Cabs, Shuttl, Big Bazaar, OYO Rooms, Zomato, Barista, PVR, Archies, WHSmith India, BookMyShow, Grofers, Big Basket, Domino’s, Pizza Hut, eBay, ShopClues, Myntra, Jabong, Pepperfry, Star Sports, GoDaddy, MakeMyTrip, Cleartrip and Yatra.
Last year, it also tied up with state-run Indian Railway Catering and Tourism Corporation (IRCTC) to offer its wallet service as a payment option for customers on IRCTC’s Android mobile app.
The company claims most of its users make 10-12 purchases every month using their wallet balance for various things like mobile recharge, bills, food, grocery, cabs, shopping and entertainment, among others. Users also transfer money to wallets and bank accounts of friends and family using MobiKwik.