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MobiKwik plans to raise $50-100 million to drive expansion

  • Mobile
    wallet company Mobikwik plans to raise $50-100 million in the next few months
    to fund its expansion across online and offline platforms.
    • Mobile
      wallet company Mobikwik plans to raise $50-100 million in the next few months
      to fund its expansion across online and offline platforms.
    •  
    • Image result for mobikwik logo
    •  
    • The company
      has so far raised close to $30 million in funding from Sequoia Capital,
      American Express, Tree Line Asia and Cisco Investments.
    •  
    • “The company
      plans to raise another $50-100 million in the next 3-6 months. We are
      disrupting the payments space by creating an offline retail network of more
      than 1 lakh merchants across India,” MobiKwik founder and chief executive
      officer Bipin Preet Singh told the
      Press
      Trust of India
      . The funds will be used for both online and offline
      expansion, he added.
    •  
    • Mobikwik aims
      to take the monthly total worth of transactions on its platform (monthly gross
      merchandise value) to Rs 700-800 crore over the next 12 months.
    •  
    • It has
      partnered merchants like Big Bazaar, WHSmith India, Cafe Coffee Day and Store
      King in the offline space.  In the online
      space, it has partnered firms like Uber, OYO Rooms, BookMyShow, Grofers, Big
      Basket, eBay, ShopClues, Myntra, Jabong, Pepperfry and MakeMyTrip, among
      others.
    •  
    • MobiKwik claims
      to have 25 million users and 50,000 retailers on its platform. The company,
      which has 10,000 offline merchants as partners, is also looking at aggressively
      expanding the base to a lakh in the same period.

     

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