Mobikwik to raise about USD 50-100 million in the next 3-6 months to fund its expansion

Mobile wallet company Mobikwik is planning to raise about USD 50-100 million in the next 3-6 months to fund its expansion across online and offline platforms. Presently, the company has raised about USD 30 million from Sequoia Capital, American Express, Tree Line Asia and Cisco Investments.

The company is currently working on creating an offline retail network of more than 100,000 merchants across India. It is targeting to reach a monthly gross merchandise value (GMV) of Rs 7 billion-8 billion in by September 2016. It has over 25 million users and 50,000 retailers on its platform.

MobiKwik has partnered merchants like Big Bazaar, WHSmith India, Cafe Coffee Day and Store King in the offline space. In the online space, it has partnered firms like Uber, OYO Rooms, BookMyShow, Grofers, Big Basket, eBay, ShopClues, Myntra, Jabong, Pepperfry and MakeMyTrip among others.