Networking technology producer Cisco and payments processing firm American Express have participated in a $25m series B round for India-based digital wallet services provider MobiKwik, Live Mint reported yesterday.
Hedge fund Tree Line Asia led the round, which also featured venture capital firm Sequoia Capital. Sequoia previously invested in MobiKwik’s 2013 series A round, which was reportedly sized between $2.5m and $5m.
MobiKwik has developed a digital wallet that enables consumers to prepay money onto their phone which can then be used in stores to pay for goods and services. Users can also pay for utilities and landline calls or send money to friends and family through the app.
The series B funding will be used to increase brand awareness, continue development of MobiKwik’s technology and data analytics, and to expand its costumer and retail base. The company also wants to add another 100 staff to its current 130.
MobiKwik aims to raise a further $100m this year as it gears up to extend its network from some 25,000 retailers to more than 100,000. Its existing partners include food delivery companies Domino’s Pizza, Pizza Hut and JustEat, and e-commerce companies Ebay, Jabong and Snapdeal.