[Funding alert] MobiKwik raises Rs 8.7 Cr from Trifecta Capital and NDTV
Gurugram-based digital payments company MobiKwik recently raised Rs 8.67 crore in funding earlier this month from venture debt fund Trifecta Capital as well as media company NDTV, according to filings with the Ministry of Corporate Affairs, assessed by YourStory.
According to the filings, Trifecta Venture Debt Fund invested close to Rs 3 crore, picking up 3,643 Series E4 Cumulative Compulsory Convertible Preference Shares (CCCPs) at a premium of Rs 8,133.50 per share.
On the other hand, NDTV invested around Rs 5.67 crore, picking up 6,972 Series E5 CCCPs share at the same premium.
MobiKwik founders: Upasana Taku and Bipin Preet Singh
Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik has raised a little more than $120 million from investors including Sequoia Capital, American Express, and Net1, across four rounds of funding to date.
In December, Entrackr, while citing sources, reported that the startup has kicked off a new round, raising close to $3 million (about Rs 24 crore) in a bridge round from existing investors including Sequoia Capital, Net1 UEPS, and GMO Venture Partner.
Last month, MobiKwik said that it will offer its services in 150 countries through its partnership with global B2B network for a mobile top-up solution DT One. As per this agreement, MobiKwik will offer international mobile recharge services, which is the first of its plans to tap customers in international markets.
At present, MobiKwik claims to have a user base of over 107 million users, as well as three million merchants, and over 200 billers. The payments startup says that it is enrolling at least 10 million users by FY 2020 to avail at least three financial services on the MobiKwik platform.
The startup has three key businesses units including digital payments, financial services, and payment gateway.
In May this year, MobiKwik reported revenue of Rs 184.6 crore for FY19 against Rs 85.6 crore in FY18. The startup added that it has processed $3 billion through its payment gateway, and disbursed $55 million across 3.5 lakh loans.
(Edited by Saheli Sen Gupta)