MobiKwik’s parent raises $50million in funding

One MobiKwik Systems, the owner and operator of MobiKwik, the online recharge and mobile wallet, has managed to raise around $50 million (Rs 332.6 crore) in a new fresh capital round led by Japan's GMO Payment Gateway and Taiwanese fabless semiconductor company MediaTek.

Also read: One wallet to pay for them all: MobiKwik ties up with Zomato, OYORooms

The Series-C round was closed last month and also had the company's existing investors Sequoia Capital and Asia-focused hedge fund Tree Line Asia participating in it. However, the amount at which the company was valued after getting the funding was not disclosed.

"MobiKwik is excited to have raised an undisclosed amount in the Series-C round of funding led by GMO and MediaTek. GMO is Japan's leading payment gateway and MediaTek is the world's leading semiconductor company," said a mail that the company spokesperson wrote to ET, without commenting on the specifics of the deal.

It was in March that MobiKwik's CEO Bipin Preet Singh had said that the company was looking to raise an amount between ranging from $40 to 50 million.

According to a statement released by GMO Payment Gateway, the company has made the investment through GMO Global Payment Fund, a $15-million fund that is backed by major financial institutions, including, credit card issuers and acquiring banks. The fund targets investment opportunities among payments companies throughout Asia, while putting a strong focus on South East Asia.

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