Lanchpad

MobiKwik in advance talks to raise $20 mn from Sequoia Capital & others

Online recharge
platform and mobile wallet venture MobiKwik.com is reportedly in talks with Sequoia
Capital to raise $20 million in its next round of funding, reports

Online recharge
platform and mobile wallet venture MobiKwik.com is reportedly in talks with Sequoia
Capital to raise $20 million in its next round of funding, reports

Techcircle
, citing a undisclosed source close to the development.

According to the
report, the total size of the round will be about $30 million. The round will
reportedly see participation from two other investors. Last year, MobiKwik
had raised around $5 million in its Series A funding from an unnamed US-based
VC firm.

The MobiKwik
wallet is live as a payment option across 5000 e-commerce
merchants. According to the report, currently, the company is focusing on
India. However, it is planning to foray into various foreign markets in Asia
and Africa by mid 2015.

Started in 2009,
mobile wallet MobiKwik claims to have 12 million users. The wallet enables
users to pay in a flash for their recurring mobile recharge, bill payments and
to pay for services and products on e-commerce websites (and apps) including eBay,
Jabong, Snapdeal, ShopClues, MakeMyTrip, redBus, Abhibus, BookMyShow, Domino’s
Pizza, Purplle, HomeShop18, Naaptol, Pepperfry, and Infibeam. It also offers
these services via SMS, phone and apps that are available for Android, iOS and
Windows platforms. Last year in 0ctober, the firm revamped
its website and logo.

In recent times,
mobile wallet firms such as Paytm, MobiKwik, others have applied for payments
bank
licences as well. RBI
recently published guidelines for payments bank licenses, for which
applications have already been submitted in mid January. The regulator has
hinted that licenses are likely to be issued early next fiscal.

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Close