Fintech Company MobiKwik Raises Rs 52 Crore From HT Group, Kris Gopalakrishnan’s Family Office

  • MobiKwik provides a mobile phone-based payment system and digital wallet to its customers.
  • The company will use the funding for growth in all key business segments.
  • Mobikwik has also begun the process for a public listing by 2022.

Gurugram-based financial services company MobiKwik has raised Rs 52 crore (or about $7 million) in a fresh funding round led by existing investor Hindustan Media Ventures, the investment venture of HT group. 

The round also saw the participation from Infosys co-founder Kris Gopalakrishnan’s family office Pratithi.

The fresh funding will be used for growing in all key business segments, including digital credit business, consumer payments as well as its payment gateway subsidiary, Zaakpay, said the company.

In November 2020, MobiKwik had raised Rs 41.5 crore (or about $5.6 million) in a Series E funding round led by Hindustan Media Ventures.

Till date, it has raised over $144 million in a total of fourteen funding rounds.

Commenting on the fresh funding, Bipin Preet Singh, Co-founder & CEO, MobiKwik, said, The HT group and Kris coming on board is … an endorsement in our business model of bringing digital credit to 100 million Indians. We are on the road to IPO and look forward to their guidance on building a long-lasting sustainable company and creating impact via financial inclusion.”

“MobiKwik has carved out a unique spot for itself with its digital credit card model within India’s fintech ecosystem. The company has demonstrated good financial performance by scaling revenue while becoming breakeven profitable. We are excited to partner with the company in its growth journey,” said Piyush Gupta, Group CFO and CEO Strategic Investments, HT group.

Also Read: Wealth Management Platform Fisdom Raises Rs 51 Crore From PayU And Others

In mid-September 2020, MobiKwik said that the company had begun the process for a public listing by 2022. While PhonePe, Zomato, Paytm also announced their plans to go public in the next few years.

In July this year, the company reported an increase in net revenue by 133% year-on-year to Rs 379 crore in 2019-20. The company reduced its EBITDA loss was reduced by 63% year over year to Rs 45 crores.

MobiKwik, which was founded by Upasana Taku and Bipin Preet Singh, made a cash loss of Rs 8.5 crore in 2019-20, aims to become profitable by the end of this fiscal year.

The company also reported an increase in payments by 30% in April and May. According to the reports, the company reported net revenue of Rs 38 crore and an adjusted EBITDA loss of Rs 8 lakh.

“A successful new business is one which creates jobs, is sustainable, and can run for a long time. The MobiKwik team is executing with this vision, and I am happy to support and encourage them,” said Kris Gopalakrishnan, co-Founder & former co-Chairman of Infosys.

MobiKwik currently has three business lines — consumer payments, financial services, and payment gateway platform (Zaakpay).

The company currently competes with other fintech companies such as PhonePe and Paytm.

Follow IndianStartupNews on FacebookInstagramTwitter for the latest updates from the startup ecosystem.

Recent Stories

More On IndianStartupNews