MobiKwik, an Indian mobile wallet company, raised a new round of funding.
Backers included GMO Payment Gateway, through GMO Global Payment Fund, fabless semiconductor company MediaTek, and global vc firm Sequoia.
The round reportedly amounted to $50m.
MobiKwik is a large independent mobile payments network which enables users to discover retailers (brick-and-mortar stores, e-com websites, m-com apps, billers, telcos) and then start paying them. With MobiKwik, users load money into the wallet once using cash, loyalty points, debit card, credit card, and netbanking to make secure payments for online or offline purchases across diverse use cases such as recharge, bills, food, grocery, travel & cabs, shopping, entertainment, etc. They can also transfer money to wallets and bank accounts of friends and family using MobiKwik’ wallet services on Android, Windows, and iOS mobile applications and on MobiKwik.com.
The services of the company currently connect 28 million users with 50,000 retailers including 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.
The company, which had raised close to $30m in funding until now from Sequoia Capital, American Express, Tree Line Asia, and Cisco Investments, aims to empower 150 million Indians to pay $5 billion digitally to 500,000 retailers.