MobiKwik raises ₹52 crore led by HT Group

MobiKwik raised funding of Rs 52 crore led by Hindustan Media Ventures, the investment arm of HT Group, with participation from Infosys Co-founder Kris Gopalakrishnan’s family office Pratithi.

MobiKwik had earlier reported that its net revenue in the financial year 2020 had surged 133% to ₹379 crore. Now it’lll use the fresh capital to fuel growth in all key business segments of the firm to bring Digital Credit to 100 Million Indians.

The HT group and Kris coming on board is very exciting for us and 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 co-founder and CEO Bipin Preet Singh said.

MobiKwik said it has seen significant traction in its digital credit card business and has pre-approved 15 million users for its credit product, which is availed by users for making payments via the MobiKwik wallet and the MobiKwik Blue Amex Card.

The company had posted Rs 379 crore in revenues as of the financial year ending March 2020, a growth of 133 per cent year-on-year, it added. The MobiKwik team is executing with this vision and I am happy to support and encourage them," Gopalakrishnan said