Net1 will invest up to $40 million in MobiKwik over the next 24 months. In addition, through a technology agreement, Net1’s Virtual Card technology will be integrated across all MobiKwik wallets in order to provide ubiquity across all merchants in India.
Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik is India’s largest independent mobile payments network, with over 32 million users and 100,000 retailers. It is powering payments for IRCTC, Uber, Meru Cabs, Big Bazaar, OYO Rooms, Zomato, PVR, Archies, WHSmith India, BookMyShow, Grofers, Big Basket, Domino’s, Burger King, Pizza Hut, eBay, ShopClues, Myntra, Jabong, Pepperfry, Barista, Food Panda, nearbuy, Van Heusen, Allen Solly, Louis Phillips, GoDaddy, MakeMyTrip, Cleartrip, and Yatra.
The company has raised three rounds of funding from Sequoia Capital, American Express, Tree Line Asia, MediaTek, GMO Payment Gateway and Cisco Investments.