India-based My Mobile Payments, a company that runs a mobile payment platform that enables users to buy products and make payments in India, is reported to be fundraising to the tune of $100m in a series B round of funding. The latest round of investment follows a 2012 deal worth $29.7m backed by US-based electronic payments processing firm, Calpian.
The company offers Money-on-Mobile, a mobile wallet that lets users to carry credit/debit cards and bank accounts on their mobile phones; enables them to pay for various goods and services, including mobile phone recharging, DTH account top-up, railway/air/bus/movie tickets, goods bought from retail shops, and utility bills; and allows them to send and receive money.
The company, which is located in Mumbai launched its mobile payment platform Money On Mobile (MOM) three years ago, is in the process of fundraising between $75m and $100m (Rs 394 crore – Rs 525 crore). The business will use the capital to accelerate its operation expansion plans, which include covering its services in 5000 retail outlets under mobile point of sale services.
According to news reports, the payment platform is generating about 400,000 transactions each day with the average value being around Rs 80 ($13) per transaction. The company then takes on average between 0.5% and 1 % of each transaction through the merchant. The company is reportedly working to bring the daily transaction figure to 1.5 million by the end of the year.