The funds will be used for the betterment of technology, data analytics, brand building and growing the network of users and merchants.
Gurgaon-based online recharge platform and mobile wallet company MobiKwik has raised $25 million (over Rs. 150 crore) in series B round of funding led by Tree Line Asia. Cisco Investments, American Express and its existing investor Sequoia Capital also participated in the round.
The funds will be used for the betterment of technology, data analytics, brand building and growing the network of users and merchants. The company said that they in talks to raise another $100 million by the end of this year. Funded by Sequoia Capital, MobiKwikhad secured $5 million in Series A last year.
Bipin Preet Singh, Founder & CEO, MobiKwik, said, "The company now will aim at the next level growth and will work on building an omnipresent mobile wallet for a billion Indians. With 90 per cent of Indian being unbanked, such mobile wallet can be a perfect solution to them."
The company was founded in 2009 by Singh and Upasana Taku. It offers recharge solutions for prepaid mobiles, DTH, data cards, post-paid mobile bill payments, and utility bill payments for electricity, gas and landline connections. These services are available to consumers via SMS, phone and apps (Android, iOS and Windows Platforms)
MobiKwik claims to have over 15 million wallet users and 25,000 merchants (retailers) currently. The company is also planning on providing financial services in India, particularly for those people who are unable to connect with banking networks.
The company is also planning to come up with a brick-and-mortar retail network with over 100,000 merchants across the country. These stores will act as a cash loading centre and for wallet payments acceptance. It has also applied for a payments bank license.
MobiKwik's top competitors are Paytm and Freecharge which got big VC funding rounds early this year.