The series C investment which was completed last month also saw participation of existing investors such as Sequoia Capital and Treeline Asia. MobiKwik said that it will utilise the capital to speed up product innovation, grow its team and userbase as it attempts to take on giants Paytm and Snapdeal owned Freecharge.
"MobiKwik is a dominating player in the Indian mobile payments space and continues its consistent growth trajectory while staying true to its DNA of rapid product innovation and capital efficiency. Our valuation too has significantly increased," said Bipin Preet Singh, founder & CEO at MobiKwik.
No further details of the transaction were disclosed, including the valuation at which the capital was raised. With a claimed base of 30 million users and 75,000 retailers - both online and offline, the company says its GMV runrate has grown by 250 per cent year-on-year for the past four years.
Last year MobiKwik raised $31.6 million in two tranches as part of its Series B investment led by Sequoia Capital and Treeline, with participation from American Express and Cisco Investments. In March this year the company launched a new feature called Explore Nearby which would help users discover neighbourhood stores, restaurants and cafes where MobiKwik payments were accepted.
