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MobiKwik raises $50 million funding from GMO Payment Gateway and Mediatek

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Payments company and mobile wallet MobiKwik has raised $50 million in a series C round of funding led by Japan’s GMO Payment Gateway and Taiwan’s Mediatek. Existing investors such as Sequoia Capital and Treeline Asia have also participated in the current round.

The company also mentioned that it would use the funding for rapid product innovation, ramping up the team and user growth. MobiKwik is currently the second largest digtial wallet in the country with 30 million users. It claims that it has over 75,000 retailers.

In March, MobiKwik launched an ‘Explore Nearby’ feature on its app, which lets users discover neighbourhood stores, restaurants, cafes etc., that accept payments from the company. The company mentions that it currently has over 10,000 partner stores including merchants like Big Bazaar, Domino’s, Barista, Archies etc.

In October, MobiKwik claimed to have processed 500,000 transactions from August- September 2015, amounting to over Rs 60 crore. Out of the 500,000, 100,000 transactions were processed across 260 Big Bazaar outlets in the country. The top 5 cities for offline payments were Mumbai, Bangalore, Kolkata, Hyderabad and Delhi.

In August, MobiKwik did not get the RBI approval for a payments banks license, along with 30 other applicants.

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Earlier Funding: In April last year, MobiKwik raised ~$25 million in Series B funding led by Tree Line Asia, existing investor Sequoia Capital along with Cisco Investments and American Express for investing in technology data analytics, brand building and growing its user and merchant base.

Management changes: In September 2015, Mobikwik appointed Manish Chaturvedi as Chief Sales Officer and elevated Mrinal Sinha from Chief Strategy Officer to Chief Operating Officer. Chaturvedi would be responsible for expanding the reach of MobiKwik wallet across formats and industries. He will also be managing initiatives with banks and government entities.

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