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MobiKwik confirms it is raising around $150M in the coming months

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…

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