#Asia Indian mobile wallet firm MobiKwik raises US$6.6M additional funding

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The funding comes from existing investors Sequoia Capital and Tree Line Asia, besides venture debt company InnoVen Capital

Bipin Preet Singh, Founder of Mobikwik

Bipin Preet Singh, Founder of Mobikwik

Gurgaon-based online recharge and mobile wallet company MobiKwik has raised additional funding of INR 44 crore (US$ 6.6 million) from existing investors Sequoia Capital and Tree Line Asia, says a report by The Economic Times.

Singapore’s Temasek-owned venture debt firm InnoVen Capital has also joined the round with INR12 crore (US$1.81 million), which Mobikwik plans to use for working capital requirements.

Also Read: 10 biggest Asian funding rounds of 2015

While Sequoia invested INR 22.48 crore (US$3.39 million) in the firm, Tree Line Asia pitched in with INR 9.92 crore (US$1.49 million), according to the documents filed by Mobikwik with the Registrar of Companies (India).

Other existing investors, including American Express and Cisco, are also expected to make additional investments.

“This is not new funding but part of the April funding, which was slated to be released later in the year,” Mrinal Sinha, COO at MobiKwik, wrote in an emailed response to The Economic Times.

 

Also Read: Indian online grocer Town Essentials raises US$1M from angel investors

In April, Mobikwik had raised close to US$25 million in the first part of its Series B round of funding, led by Tree Line Asia. The round had also seen participation from Cisco Investments, American Express and Sequoia. While announcing the funding, it had said that it was planning to raise another US$100 million in the second half of this year.

Also Read: Indian startups hog VC attention in Asia in 2015

Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik enables prepaid mobile, DTH and data card recharges, post-paid mobile bills payment and utility bill payment for electricity, gas and landline connections. These services are offered via SMS, phone and apps (Android, iOS and Windows platforms).

The startup is mainly competing with Paytm and Freecharge in the mobile payments space.

The post Indian mobile wallet firm MobiKwik raises US$6.6M additional funding appeared first on e27.

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