MobiKwik Founder Bipin Preet Singh

MobiKwik Founder Bipin Preet Singh

Japanese companies’ growing interest in the India market is quite well-known. From SoftBank to Rebright Partners, Japanese VCs and Internet majors have been investing in Indian companies over the past two-three years. SoftBank is the largest Japanese investor in India, with investments in e-commerce major Snapdeal and taxi booking giant Ola.

Now, another Japanese company has forayed into the Indian startup scene. Japanese payment gateway company GMO and semi conductor firm Mediatek have co-led a US$50 million Series C round of funding at Gurgaon-based MobiKwik, a direct competitor to Alibaba-backed Paytm.

Existing investors including Sequoia Capital and Treeline Asia have also participated in the current round, which will be used for rapid product innovation, ramping up the team and user growth.

“MobiKwik is a dominating player in the Indian mobile payments space and continues its consistent growth trajectory while staying true to its DNA of rapid product innovation and capital efficiency. Our valuation too has significantly increased,” said Bipin Preet Singh, Founder and CEO, MobiKwik.

Founded in 2009 by Singh and Upasana Taku, MobiKwik 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). It also enables users to discover retailers (brick-and-mortar stores, e-com websites, m-com apps, billers, telcos) and then start paying them with 1-tap.

MobiKwik claims it connects 30 million users with 75,000 retailers. Its goal is to empower 150 million Indians to pay US$5 billion digitally to 500,000 retailers.

The firm’s GMV has grown significantly by 250 per cent year on year for the last four years, as per an official statement.

The firm is powering payments for IRCTC, 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.

In December last year, MobiKwik had raised US$ 6.6 million from Sequoia and Tree Line Asia. Previously, in April 2015, Mobikwik had raised close to US$25 million in the first part of its Series B round of funding, led by Tree Line Asia.