MobiKwik, an India-based mobile payment technology provider backed by several corporate investors, is seeking to raise between $100m and $150m at a valuation of $1bn, according to TechCrunch.
The round, first reported last month, has now been confirmed by co-founder Upasana Taku, though the investors involved in the negotiations remain unnamed. Taku expects the round to close within the next two months.
Founded in 2009, MobiKwik has created a mobile wallet-based payment platform that allows users to transfer money to an account that can then be used to pay bills, make online purchases or buy phone credit.
Up to $45m of the funding from the forthcoming round will be used by MobiKwik to increase the numbers of its end-users and merchants. It claims to have 55 million users and 1.5 million merchants – numbers it hopes to grow to 100 million and 10 million, respectively, in the next year.
The company also hopes to open additional offices, growing from a current six locations to more than 20. Additional money will go to a plan to offer a range of financial services such as lending, insurance and investing from this year.
MobiKwik has raised $120m in funding to date, most recently securing $40m in capital from mobile payment company Net1 in August 2016.
GMO Global Payment Fund, a subsidiary of internet company GMO, and fabless semiconductor maker MediaTek participated in MobiKwik’s $50m series C in April 2016 together with Sequoia Capital and Tree Line Asia.
Networking equipment manufacturer Cisco’s corporate venturing division Cisco Investments had contributed to a $25m series B round alongside payment services firm American Express, Sequoia Capital and Tree Line Asia the previous year.