MobiKwik today announced that it has raised $50 million in series C round led by GMO, Japan’s leading payment gateway and Mediatek, world’s leading semiconductor company. The existing investors such as Sequoia Capital and Treeline Asia have also participated in the current round. Following the latest round of funding, the company will use the proceeds for rapid product innovation, ramping up the team and user growth.
“We are very excited to live upto the investors’ expectations and raise the funding” says Bipin Preet Singh, Founder & CEO, MobiKwik.
MobiKwik’s growth has been promising as the company’s GMV has grown significantly by 250 per cent year on year for the last 4 years.
Bipin added, “MobiKwik is a dominating player in the Indian mobile payments space and continues its consistent growth trajectory while staying true to its DNA of rapid product innovation and capital efficiency. Our valuation too has significantly increased.”
MobiKwik is connecting 30 million users with 75,000 retailers. It enables users to discover retailers (brick-and-mortar stores, e-com websites, m-com apps, billers, telcos) and then start paying them with 1-tap. The company’s goal is to empower 150 million Indians to pay $5 billion digitally to 500,000 retailers.