MobiKwik raises Rs 225 crore

MobiKwik is moving towards India's emerging Unicorn.

Mobikwik , a company into Digipayment and Indian mobile payments network company, with a base of connecting 55+ million users with 10,50,000+ retailers ,growing at the rate 250% Y-o-Y, by using the wallet has raised Rs 225 crore from Bajaj Finance. it had “entered into a Subscription Agreement with One MobiKwik for acquisition of 10 Equity shares and 271,050 compulsory convertible preference shares (CCPS).”

Bajaj Finance has also entered into a shareholders agreement which would become effective on conclusion of the transaction and the value of the transaction is approximately Rs. 225 Crores. Post conversion of CCPS, Bajaj Finance would hold approximately 10.83% of equity in MobiKwik on a fully diluted basis, approximately valuing it over Rs 2,000 crore.

India's decision to ban high-value currency notes late last year led to a cash crunch that hurt all sectors of the nearly $2 trillion economy, but it boosted the use of digital payments led by e-wallet operators. MobiKwik was founded by Bipin Preet Singh, Founder& Director and with this MobiKwik now wants to lend money and provide insurance as well to its millions of users.

MobiKwik has group of VC investors in their portfolio includes Sequoia Capital, Taiwan's MediaTek, Japan's GMO Venture Partners, American Express, CISCO and Tree Line Asia. With the present new fund raising could make MobiKwik an emerging UNICORN Company.

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