MobiKwik raises close to $25 mn, aims 100M mobile wallets by 2016

NEW DELHI, INDIA: MobiKwik, has announced that it has raised close to $25 million in a Series B round led by Tree Line Asia.

The other investors include Cisco Investments, American Express and the existing investor, Sequoia Capital. The funds will be used for investments in technology/data analytics, brand building and growing the network of users and merchants.

In 2015, MobiKwik has been focused on creating a pervasive brick-and-mortar retail network of more than 100,000 merchants across India. The brick and mortar retail stores will serve both as points for cash loading into the wallet and for wallet payments acceptance.

The company has also applied for a Payments Bank license in February 2015. With a potential Payments Bank license, MobiKwik plans to disrupt the delivery of financial services in India by using mobile technology to reach people that the existing banking networks have been unable to reach.

MobiKwik’s new initiatives include a strong offline push with a recent tie-up with Café Coffee Day, where customers can pay for their coffee and snack across all CCD outlets via their MobiKwik wallet.