Tuesday, April 11, 2017

MobiKwik raised Rs 6 crore funding from BCCL and Cisco

One MobiKwik Systems Pvt Ltd has raised Rs 6 crore funding from Cisco Systems Capital (India) Private Ltd and Bennett Coleman & Co Ltd (BCCL). Cisco made an investment of Rs 4 crore in MobiKwik and BCCL had put in Rs 1.95 crore in MobiKwik.

The company said it will use the funds for product innovation, team expansion and increasing its user base.

Also read: Mobikwik Sets up Office in Pune

MobiKwik has 45 million-plus users on its platform and a network of more than 10 lakh direct merchants, wants to end the year with 150 million users and five million merchants.

MobiKwik has been founded by Bipin Preet Singh and and his wife Upasana Taku in 2009. MobiKwik enables prepaid mobile, DTH and data card recharges, as well as payments of post-paid mobile and utility bills. It also offers these services via SMS, phone and apps that are available on Android, iOS and Windows platforms.

MobiKwik competes with companies like Paytm, Freecharge, Pay U, Mymobile, Oxigen Wallet etc.



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