MobiKwik raising more $60 million before end fiscal

MobiKwik is in talks to raise more than US$60 million before the end of the fiscal year. A mobile phone payment system and digital wallet based in Gurugram are in talks with various investors. MobiKwik co-founder, Upasana Taku, also announced partnerships with several banks and NBFC to launch leasing and insurance services.

"We have raised US$140 million so far. In August we raised US$33 million from Bajaj and we saw the final of US$100 million.We talked with American, Asian and Indian investors before the fiscal end," Taku said.

Tinuku MobiKwik raising more $60 million before end fiscal

MobiKwik was founded by Bipin Preet Singh and Upasana Taku in 2009 and has 65 million users and 2 million merchants. Currently promoters and some senior company officials hold 60% of the shares, while the rest is held by South Africa's Net1, Sequoia Capital and American Express.

"We've done a lot of pilots and we're seeing loan launches in the next twenty days, we have tie-ups with various banks and creditors. We will launch partnerships with NBFC and some banks," Taku said.