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