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.

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.