wordpress blog stats
Connect with us

Hi, what are you looking for?

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

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. 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…

Please subscribe/login to read the full story.
Written By

Free Reads

News

The tech giant will only have a minor stake in Anthropic and hence won't be part of its board.

News

The Board said that Meta’s approach to moderating content using “shaheed” to refer to individuals designated as dangerous “substantially and disproportionately restricts free expression.”

News

Foreign fintech entities like Google Pay and PhonePe are dominating the UPI market and CCI has been urged to regulate this in the past.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ