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Indian mobile wallet MobiKwik scores $25M


April.09.2015 0 Comments

mobikwikTree Line Asia, Cisco Investments, American Express, and Sequoia Capital are betting on MobiKwik. The firms gave close to US$25 million to the mobile wallet startup.

Based in India, MobiKwik is a mobile payment solution. MobiKwik wants to be the only payment service people need. Since the startup has partnered with the major credit cards and 51 internet banking providers as well as 25,000 merchants, users can pay bills and buy products with the service. With partner companies, there is no need to input data like a credit card string. Users just need to sign in and pay, similar to rival Paytm.

Cash can be added to your accounts at physical retail stores. Though a browser version exists, the company is best known for its Android, iOS, and Windows apps.

Founder and CEO Bipin Preet Singh said in a statement, “We are now aiming for the next level of growth and building a ubiquitous mobile wallet for a billion Indians. With 90 percent of Indians being unbanked, simplified payments via a mobile wallet make perfect sense. Taking millions of Indians from cash to digital transactions and building a rich user profile to meet all their financial services’ needs, is our ultimate mission at MobiKwik.”