Mobikwik Raised USD 50 Million (Rs 330 crore) in Funding
Mobile wallet company Mobikwik today said it has raised USD 50 million (about Rs 330 crore) in funding, led by Japanese payments firm Gateway and Taiwanese chip maker MediaTek.
Its existing investors such as Sequoia Capital and Treeline Asia also participated in the current round of funding.
The company said it will use the proceeds for product innovations, team building, and user growth.
"Despite the current business climate when funding has become challenging, unit economics, sustainable growth and a sound business model are what investors are focusing their attention on. We are very excited to live up to the investors expectations and raise the funding where even larger players are failing to raise funds," Mobikwik founder and CEO Bipin Preet Singh said in a statement.
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