Digital payments company MobiKwik confirmed to MediaNama that is raising $150 million at a valuation of $1 billion. However, a spokesperson declined to give information about the investors in the company. This was first reported by TechCrunch. The publication added that the company plans to invest around $45 million the capital on growing user and merchant bases and expand its office base to 20 from the current six. In August 2016, Net1, a South African payment systems company, invested $40 million in MobiKiwk. With this deal, the company integrated Net1’s virtual card technology across all its wallets and extend its wallet services to all merchants. The company's total funding is $126.85 million. Note that in February, MobiKwik said that it would invest Rs 300 crore for expansion this year, including to acquire over 100 million users in an effort to catch up with Paytm. Currently, it has around 55 million users and has 1.5 million direct merchants. Lending Meanwhile, the spokesperson said that the funds will be used for developing other financial products including loans. Note that MobiKwik had started offering loans and was tying up with a number of non-banking financial companies (NBFCs) for the same. The spokesperson added that the lending program was in pilot mode but declined to give further details on how many loans it gave out. The lending business will have two options: An EMI model and a loan model. The EMI model can be used for purchases such as laptops and mobile phones on online websites…
- Indian crypto exchanges plan to collect identity details for crypto transfers to private wallets: Report June 3, 2023
- Jugalbandi, A Chatbot for Rural India by Microsoft and EkStep: What to Know and Think About? June 3, 2023
- Hopeful to See Action Against E-Pharmacies Selling Medicines Online Without Licenses: Pharmacy Body Writes to States and UTs June 3, 2023
- Meta to give advertisers more control using AI and content filters June 2, 2023
- Transparency Report: Here’s all Facebook, Instagram, Twitter and Google had to say about user complaints in April June 2, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Is it safe to consider all "publicly available data" as public?
PhonePe launched an e-commerce buyer app for ONDC called Pincode. We, however, believe that it should also launch a seller app.
Amazon announced that it will integrate its logistics network and SmartCommerce services with the Open Network for Digital Commerce (ONDC).
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
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...
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...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
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...
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...