Its present investors Sequoia Capital & Treeline Asia also participated.
MobiKwik is one in all the most important online pockets agencies in India.
MobiKwik has partnered seventy five,000 retailers, inclusive of big Bazaar.
cellular pockets enterprise MobiKwik Tuesday said it has raised $50 million (about Rs. 330 crores) ininvestment, led via eastern bills company Gateway and Taiwanese chip maker MediaTek.
Its present traders such as Sequoia Capital and Treeline Asia additionally participated inside the modern-day spherical of funding.
The enterprise stated it’s going to use the proceeds for product innovations, team constructing andperson increase.
“in spite of the cutting-edge commercial enterprise climate while investment has grow to be hard, unit economics, sustainable increase and a legitimate business model are what buyers are focusing theirinterest on. we are very excited to stay up to the investors‘ expectations and raise the investment in which even large players are failing to elevate funds,” MobiKwik founder and CEO Bipin Preet Singh said in a announcement.
MobiKwik’s growth has been promising as the agency‘s GMV has grown significantly by using 250percent, he delivered.
With approximately 30 million customers in the usa, MobiKwik is certainly one of the largest walletbusinesses in India. It competes with the likes of Paytm and PayU.
“MobiKwik is a dominating player in the Indian cellular payments area and keeps its constant growthtrajectory while staying true to its DNA of rapid product innovation and capital performance. Our valuation too has elevated substantially,” Singh said but did not expose the information.
lack of income has raised worries over valuations of startups globally, main to lots of those corporationsgoing through trouble in raising sparkling budget.
inside the recent past, mutual fund T Rowe charge cut back its valuations in lots of its tech startup investments, inclusive of India’s Flipkart. Morgan Stanley, too, made a comparable pass earlier this yr.
MobiKwik has formerly raised close to $30 million (approximately Rs. 195 crores) in investment from Sequoia Capital, American express, Tree Line Asia and Cisco Investments.
MobiKwik has partnered seventy five,000 shops, such as the likes of large Bazaar, WHSmith India, Cafeespresso Day and save King inside the offline space.
In online space, it has partnered corporations like Oyo Rooms, BookMyShow, Grofers, huge Basket, eBay, ShopClues, Myntra, Jabong, Pepperfry and MakeMyTrip, amongst others.
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Tags: Apps, E trade, India, net, MobiKwik, Paytm, PayU