AAA MobiKwik speeds to new financing

MobiKwik speeds to new financing

MobiKwik, an India-based digital payment platform developer backed by corporates Cisco, GMO, American Express, Bajaj Finance, MediaTek, Net1 and New Delhi Television, has secured Rs 2.3bn ($29.7m) in financing, Entrackr has reported.

An investment entity called MK SPV IX has provided approximately $4.9m in equity funding, $14.8m in convertible debentures and $10m in warrant financing, according to a stock market disclosure.

Founded in 2009, MobiKwik has built a digital wallet that can handle online and offline payments in addition to taxi and ticket bookings, phone recharging and payment of utility bills. It powers the latter two services for e-commerce marketplace Flipkart.

The company had previously raised nearly $160m in funding, most recently receiving $1.3m from broadcaster New Delhi Television and venture debt firm Trifecta Capital in July 2019, following $320,000 from Gaurav Manglik and family office Fu Family Trust in March.

Venture capital firm Sequoia Capital led a $3m bridge round for MobiKwik in December 2018 that included payment services provider Net1 and GMO Venture Partners, the corporate VC vehicle for internet company GMO.

Consumer lender Bajaj Finance invested $35.3m in the company in 2017 a $327m valuation, Net1 having supplied $40m in August 2016.

GMO’s Global Payment Fund had led a $50m series C round featuring fabless semiconductor producer MediaTek and backed by Sequoia and Tree Line Asia four months earlier.

MobiKwik had already secured $25m in a 2015 series B round led by Tree Line Asia that included Cisco Investments, the investment arm of networking technology provider Cisco, as well as payment services firm American Express and existing backer Sequoia.

By Robert Lavine

Robert Lavine is special features editor for Global Venturing.

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