Mobile wallet firm MobiKwik has raised $25 million in Series B funding from a group of investors led by Tree Line Asia. The other investors included Cisco Investments, American Express, and its existing investor, Sequoia Capital. The funds will likely be used for investments in data analytics, brand building, and expanding its network of users and merchants.
Ambit Corporate Finance was the exclusive financial advisor to the deal. The company has stated that it intends to leverage American Express and Cisco?s strong understanding of financial transactions, user behaviour and technology expertise to make MobiKwik a trusted payment portal.
MobiKwik is focused on creating a retail network of more than 100,000 merchants across India. Earlier in February 2015, the company applied for a Payments Bank licence. After procuring the licence, MobiKwik plans to deliver financial services in India by using mobile technology to reach people that the existing banking networks have been unable to reach.
