MobiKwik raises $50m in fresh funding round

Indian digital wallet company MobiKwik has raised $50m in fresh round of funding to drive expansion.

MobiKwik raises $50m in fresh funding round

The latest round of funding was led by Japan’s GMO Payment Gateway and Taiwanese semi-conductor company Mediatek.

The company’s existing investors Sequoia Capital and Asia-focused hedge fund Treeline Asia also participated in the latest fundraiser.

The company plans to use the fund for product innovation, team building and user growth.

GMO Payment Gateway said: “GMO-PG decided to invest in MobiKwik as a new strategic partner as part of a focus on the market potential of India. The investment is being made jointly with major U.S. venture capital firm Sequoia Capital and other parties. GMO-PG and MediaTek (Taiwan), the world’s biggest fabless semiconductor company, are jointly lead investors for MobiKwik.”

Earlier, MobiKwik raised nearly $30m in funding from Sequoia Capital, American Express, Tree Line Asia and Cisco Investments.