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MobiKwik raises close to $25 mn in Series B round led by Tree Line Asia

Mobile wallet
company MobiKwik, which has over 15 million users and 25,000 merchants, today
announced that it has raised close to $25 million in a Series B round led by
Tree Line Asia.

The other
investors include Cisco Investments, American Express and the existing
investor, Sequoia Capital. The funds will be used for investments in
technology/data analytics, brand building and growing the network of users and
merchants.

Mobile wallet
company MobiKwik, which has over 15 million users and 25,000 merchants, today
announced that it has raised close to $25 million in a Series B round led by
Tree Line Asia.

The other
investors include Cisco Investments, American Express and the existing
investor, Sequoia Capital. The funds will be used for investments in
technology/data analytics, brand building and growing the network of users and
merchants.

In 2015,
MobiKwik has been focused on creating a pervasive brick-and-mortar retail
network of more than 100,000 merchants across India. The brick and mortar
retail stores will serve both as points for cash loading into the wallet and
for wallet payments acceptance. The company has also applied for a payments bank
license in February 2015.

MobiKwik’s new
initiatives include a strong offline push with a recent tie-up with Café Coffee
Day, where customers can pay for their coffee and snack across all CCD outlets
via their MobiKwik wallet.

Bipin Preet
Singh, Founder and CEO, MobiKwik said, “We have a 100% focus on creating a
neutral, interoperable and widely accepted wallet. With over 15 million wallet
users, and neutrality towards 25,000 merchants, we are now aiming for the next
level of growth and building a ubiquitous mobile wallet for a billion Indians.
With 90% of Indians being unbanked, simplified payments via a mobile wallet
make perfect sense. Taking millions of Indians from cash to digital
transactions and building a rich user profile to meet all their financial
services’ needs, is our ultimate mission at MobiKwik.”

American
Express’ investment in MobiKwik helps the payments company to play an active
role in fostering the growth momentum of mobile payments in India. According to
Sanjay Rishi, President, American Express South Asia, “MobiKwik has been
impressive with its focus on a mobile-based product that customers love to use.
American Express is a firm believer in the untapped potential of the mobile to
make financial transactions easy and yet safe.”

Cisco’s MobiKwik
investment is a part of our focus on connected mobility, said Alok Bardiya,
Country Director, Cisco Corporate Development. “This investment demonstrates
our focus on India and the belief we have in the country becoming a hotbed for
innovation. Financial inclusion is a key pillar for the Digital India
initiative and MobiKwik’s product innovation across the spectrum of mobile
phones and platforms will help support the new Government’s vision by offering
a more dependable and low cost solution that provides financial access to
many.” Bardiya added.

 

 

 

 

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