Mobile wallet and recharge platform MobiKwik has raised ~$25 million in Series B funding led by Tree Line Asia, existing investor Sequoia Capital along with Cisco Investments and American Express, reports ET. The funds will go towards investing in technology data analytics, brand building and growing its user and merchant base.
MobiKwik will get access to Cisco’s networking technology as well as American Express’ payments processing expertise. The report added that Alok Bardiya, country director, Cisco Corporate Development, said Cisco’s investment in MobiKwik was a part of Cisco’s focus on connected mobility. He added that the investment also went on to show the India focus and its capacity for innovation.
MobiKwik claims to have over 12 million users and 25,000 merchants. According to the company, as of March, 50% of MobiKwik’s overall revenues come from mobile recharge, 22.5% from online shopping, 12.5% from ticket booking, 10% from DTH recharge and 10% from utility bill payments. It also claims to process 300,000 transactions every day. As of December last year, 7 out of its 10 million users were on mobile. The company had claimed that it was adding about 30,000 new wallet users on a daily basis. However, Mobikwik didn’t disclose the number of active mobile wallet users, but said that 80% of the active users are on the mobile app and 20% active users are on desktop & SMS.
Last month, Mobikwik partnered with loyalty program provider Payback, to enable MobiKwik users to earn loyalty points during transactions, and Payback users to redeem their points on MobiKwik to make purchases in a bid to expand its customer base. Mobikwik first started integrating its mobile wallet with e-commerce platforms in June last year and currently has tie-ups with over 20,000 e-commerce platforms including eBay, Snapdeal, redBus, BookMyShow, Domino’s Pizza, Pepperfry, JustEat, and TastyKhana among others.
In the same month, MobiKwik tied with Cafe Coffee Day (CCD) to allow customers to pay their CCD bill using the MobiKwik wallet.