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.