MobiKwik, an India-based mobile wallet company with over 15 million users and 25,000 merchants, has raised close to US$25 million in its Series B round of funding, led by Tree Line Asia. Cisco Investments, American Express and existing investor Sequoia Capital also participated in the round.
The funds will be used for investments in technology/data analytics, brand building and growing the network of users and merchants.
MobiKwik said in a statement that it plans to raise another US$100 million in the second half of this year. It had earlier secured under US$5 million in Series A from a Sequoia last year.
“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,” said Bipin Preet Singh, Founder and CEO, MobiKwik.
“With 90 per cent of Indians being unbanked, simplified payments via a mobile wallet make 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 ultimate mission at MobiKwik,” he added.
The firm was founded in 2009 by Singh and Upasana Taku. It enables prepaid mobile, DTH and data card recharges, post-paid mobile bills payment and utility bill payment for electricity, gas and landline connections. These services are offered via SMS, phone and apps (Android, iOS and Windows platforms).
MobiKwik is currently focussing on creating a brick-and-mortar retail network of more than 100,000 merchants across India. These retail stores will serve both as points for cash loading into the wallet and for wallet payments acceptance.
It also plans to provide financial services in India by using mobile technology to reach people that the existing banking networks have been unable to reach.
Hong Kong-based Tree Line was established in 2006 with a subsidiary in Singapore. The fund is mainly focussing on the Asia-Pacific region for medium- and long-term investments.