MobiKwik, a Gurgaon, India based mobile wallet company, has raised an undisclosed amount of funding led by Japanese GMO Payment Gateway and Taiwanese fabless semiconductor company MediaTek, according to a company press release. The round was part of Series C round raised last month, which included participation from its existing investors Sequoia Capital and Asia-focused hedge fund Tree Line Asia. The company will use the newly raised capital for rapid product innovation, ramping up the team and user growth.
“We are very excited to live up to the investors’ expectations and raise the funding. MobiKwik is a dominating player in the Indian mobile payments space and continues its consistent growth trajectory while staying true to its DNA of rapid product innovation and capital efficiency. Our valuation too has significantly increased,” commented MobiKwik Founder and CEO Bipin Preet Singh.
GMO is Japan’s leading payment gateway and MediaTek is the world’s leading semiconductor company. GMO Payment Gateway has made this investment through GMO Global Payment Fund, an investment made, according to the release, in an attempt to form a new strategic business partnership with a “promising and growing company in India.”