Mobile wallet startup Mobikwik has raised $25M in a Series B round of investments. Investment round was led by Tree Line Asia with Cisco Investments, American Express and the existing investor and Sequoia Capital part of this drive.
Mobile Wallet Company, which currently boasts over 15 million user and 25,000 merchants, has plans to invest this funding in technology, analytics, brand building and growing the user base.
Mobikwik has been remarkable in its efforts in the direction of financial inclusion. The company has been focusing on building a network with brick and mortar retailers across country and enabling them to accept Mobikwik wallet as payment method and also refilling MobiKwik wallet. Company plans to build such network of more than 100,000 stores across India.
For the same Mobikwik had also tied up with coffee chain Café Coffee Day to accept payments through MobiKwik Wallet. In addition to Café Coffee Day, retailers like PVR, Domino’s Pizza, Pizza Hut, JustEat, eBay, Jabong and Snapdeal are also accepting MobiKwik wallet payments..
Mobikwik has also applied for a Payments Bank license in 2015 which, if gets an approval, would land the Mobile Wallet company into much untapped mobile banking space.
With Digital Wallets coming up as a certain new trend in payments, MobiKwik has certainly received an edge with this funding.