MobiKwik, India’s one of largest independent mobile payments company has raised about $50 million funds led by Japan’s GMO Payment Gateway and Taiwanese fabless semiconductor company MediaTek. The investment is being made jointly with major US venture capital firm Sequoia Capital and other parties.
GMO-PG led this investment through GMO Global Payment Fund in MobiKwik, in a bid to form a new strategic business partnership with a promising and growing company in India.
In particular the rapidly expanding ecommerce market in India is predicted to grow from USD14 billion in 2015 to USD220 billion in 2025. The use of mobile wallets, which enable payments for purchases at online shops, utilities, and physical stores through the use of a smartphone or other type of mobile phone, is becoming a standard alternative method of payment to cash, and the size of this market is expected to grow to USD6.6 billion by 2020.
MobiKwik is powering payments for IRCTC, Uber, Meru Cabs, Shuttl, Big Bazaar, OYO Rooms, Zomato, Barista, PVR, Archies, WHSmith India, BookMyShow, Grofers, Big Basket, Domino’s, Pizza Hut, eBay, ShopClues, Myntra, Jabong, Pepperfry, Star Sports, GoDaddy, MakeMyTrip, Cleartrip, and Yatra. The company has raised close to $30 million in funding till now from Sequoia Capital, American Express, Tree Line Asia, and Cisco Investments.
MobiKwik aspires to be the largest source of digital transactions in India. The company’s goal is to empower 150 million Indians to pay $5 billion digitally to 500,000 retailers.