Mobile payment platform MoneyOnMobile has secured $7.6 million in Series F round of funding through preferred stock. The mobile-based payment platform plans to execute its business plan and scale up operations.
Preferred stock or share essentially is a share of a company’s stock with dividends that are paid out to shareholders before common stock dividends are issued.
Almost a year ago, the company had raised $1.5 Mn in a debt round from Yes Bank. The brainchild of Jolly Mathur, Rajat Sharma, Ranjeet Oak and Shashank Joshi – MoneyOnMobile (MMPL) enables quick payment for DTH and mobile recharge including utility bill payments among others.
MoneyOnMobile, formerly known as Caplain, is a listed entity in the US, and made debut in the Indian fintech sector in 2012. According to its website, MoneyOnMobile facilitates payment via SMS, mobile and web apps.
The company claims to have presence across more than 350,000 retail locations in the country.
It also has a license from the Reserve Bank of India (RBI) to set up semi closed payment system (mobile wallet).
The platform has partnership with major telecom operators such as airtel, BSNL, jio and others. Currently, it competes with wallet providers including Paytm, Freecharge, Mobikwik, and several UPI-based payment platforms.
Importantly, the company is also announced the restructuring of $2.375 million in outstanding debt obligations to Hall MOM, LLC and eVance Processing Inc.
Also Read: Digital mobile wallet firm Mobikwik revenue declines, losses rose to Rs 131 Cr
MoneyOnMobile has a turnover of Rs 676.85 Crore during the 2016-17 fiscal, as compared to Rs. 988.90 crore during the previous year. It incurred a loss of Rs. 7.66 crore in FY17 as compare to profit of Rs. 1.17 Lac during the previous fiscal year, mentions a document on its website.
Previously, the Mumbai-based company had raised $10 million Calpian Inc in 2013.
