MobiKwik raises $50M from Taiwan’s MediaTek, Japan’ GMO and others in Series C Funding

Online recharge platform and mobile wallet, MobiKwik, has raised $50 million in its Series C round of funding led by Japan’s GMO Payment Gateway and Taiwanese semiconductor company MediaTek.

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.

Website

The following two tabs change content below.

• Bio
• Latest Posts

Akash Boaz

Akash is a Startup Enthusiast and an Entrepreneur by Heart. He is usually High on Tech and loves being a Life Hacker. Apart from being a Gamer by passion and a Foodie by choice, Akash loves to write about the Startup Ecosystem Stories. In addition to being a Management Consultant, he is also the Editor at Geekopedia

Latest posts by Akash Boaz (see all)

• NightShift lets Netflix users with slow internet enjoy their movies without buffering. - June 1, 2018
• Netmeds raises $14 million in latest funding round from investment funds Sistema and Tanncam - March 27, 2017
• Companies strive to improve quality of hire – a Wisdomjobs.com Report - March 27, 2017

Recommended Read:

Online lingerie store Zivame secures Rs250 crore in series C funding Healthcare Search Portal startup Practo Announces $90M in Series C Funding #DoGreat Health and Fitness Startup HealthifyMe Raises $6 Million in Series A Funding Lenskart raises Rs 400 crore from IFC, IDG Ventures and others in Series D Funding Product recommendation platform, Unbxd, raises Series B funding from IDG Ventures, IAN and others