Mobikwik

MobiKwik raises Rs 8.7 Cr from NDTV and Trifecta Capital

Mobikwik

Digital payments space in India is hyper-competitive with Paytm, PhonePe, and Google Pay battling out for a larger market share. Since cut throat competition results in a huge burn, all players need consistent fund infusions either by external investors or parent entities. 

While Paytm and PhonePe both have been scouting for a billion USD rounds at eye-popping valuations, MobiKwik has been struggling to score a big round. The Sequoia-backed venture had kicked off the Series E round in December last year. 

Existing investors Sequoia Capital, Net1 UPES and GMO Venture Partners had invested about $3 million in Mobikwik then. Now, the company has raised Rs 8.74 crore from New Delhi Television Ltd (NDTV) and Trifecta Capital.

According to RoC filings with MCA, MobiKwik has raised Rs 5.74 crore against equity from NDTV along with Rs 3 crore from Trifecta. The company has issued 6,972 Series E5 CCPS worth Rs 8,233.50 each while Trifecta picked up 3,643 shares.

The funding has come at a time when MobiKwik is veering away from the capital guzzling competition to a sustainable path – aka profitability. The company’s top brass had recently forecasted an IPO in the next two years. Upasna Taku, co-founder and CEO also said that the company would raise $50 million before its public listing.

So far, Mobikwik has raised about $118 million in investment from the likes of Sequoia Capital, American Express, and Cisco Investments. In 2017, it had secured Rs 225 crore ($35.4 million) from Bajaj Finserv (NBFC) last year. 

The company claims to process over a million transactions including 3,000 insurance policies every day. It also expects the revenues to hit Rs 480 crore by March 2020. According to Taku, consumer payments contributes 60% of total volume while financial products and bill payments contribute to the rest.

Mobikwik

MobiKwik raises Rs 8.7 Cr from NDTV and Trifecta Capital

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Below is the bank details:

 
Amount: INR 3,00,000 + GST (TDS to be deducted 2%)
Bank Name: ICICI Bank
Account Type: Current
Account Name: Bareback Media Private Limited
Account Number: 002105023595
IFSC Code: ICIC0000021
 
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