Sequoia Capital and Tree Line Asia,which are the companies existing investors, also participated in this round of Funding.
These fresh funds will be used for product innovation, expanding the team and user growth, it said.
The Founders also mentioned that the company’s valuation has increased significantly post this round of funding.
The startup claims that its gross merchandise value has grown 250% annually for the last four years.
Last year, the company raised $25 million in a Series B round of funding led by Tree Line Asia. Cisco Investments, American Express and Sequoia Capital.
In Series A round, the company had raised another $5 million an unnamed VC firm(probably Sequoia). The VC firm had also previously backed Zaakpay, another payments venture started by the same co-founders.
Founded in 2009 by Singh and Upasana Taku, in Gurgaon, MobiKwik enables prepaid mobile, DTH and data card recharges, post-paid mobile bills payment and utility bill payment for electricity, gas and landline connections. It also offers these services via SMS, phone and apps that are available for Android, iOS and Windows platforms.
MobiKwik competes with Paytm, Snapdeal-owned Freecharge, Pay U, Mymobile, Oxigen Wallet and Udio in the mobile wallet segment. As per reports, Paytm, backed by China’s Alibaba Group, claims to be the leader in the digital wallet space with about 120 million registered users.
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