Mobikon, a Singapore-based mobile commerce platform backed by Russian conglomerate Sistema, has raised $12.5m in its series B round.
Entrepreneur Binny Bansal led the round, which seems to be an extension of the $7m Mobikon raised in a series B round co-led by Sistema Asia Fund, an investment vehicle of conglomerate Sistema, C31 Ventures and Qualgro in August 2017.
The round also featured Spring Singapore and Jungle Ventures.
The money will support ongoing expansion efforts in India, Southeast Asia and the Middle East as well as allow the company to enter Australia and Indonesia.
Life.Sreda and Qualgro previously provided an undisclosed amount in October 2015, following Jungle Ventures, Life.Sreda, Qualgro, Spring Singapore and Lion Rock supplying $2.3m in series A funding in July 2015. Jungle Ventures had already led a $1.7m funding round in 2012 with participation from angel investors.
