Thursday, April 25

Mobikwik Raises Rs 225 Cr From Bajaj Finance

Digital payments platform, Mobikwik has recently raised Rs 225 crore from Bajaj Finance Ltd.

Making the corporate announcement at BSE on Wednesday, it stated that it has “entered into a Subscription Agreement with One MobiKwik Systems Private Limited (‘MobiKwik’) for acquisition of 10 Equity shares and 271,050 compulsory convertible preference shares (CCPS).”

MobiKwik had till now raised $80 million from investors including Sequoia Capital, American Express, Tree Line Asia, Cisco Investment, and Mediatek.

The value of investment is Rs 225 crore which is subjected to fulfillment of certain conditions in due course. Bajaj Finance has also entered into a shareholders agreement where it would hold 10.83% of equity in MobiKwik on a fully diluted basis,valuing it over Rs 2,000 crore.

Founded by Bipin Preet Singh and Upasana Taku in 2009, MobiKwik has 55 million users and 1.5 million merchants.

MobiKwik now wants to lend money and provide insurance as well to its millions of users, including merchants, as it seeks to “become a one-stop shop for all financial solutions,” according to cofounder Taku.