One of PayTM’s biggest competitor MobiKwik just raised a whooping 50 million in Series C Series C round led by Japan's GMO Payment Gateway and Taiwanese semiconductor company MediaTek.
Sequoia Capital and Tree Line Asia, who are existing investors, also participated in this round, MobiKwik said in a statement. The company declined to comment on the value on which the basis this new round of investment was raised, however co-founder and CEO Bipin Preet Singh said its valuation has significantly increased. Its gross merchandize has grown 250% annually in the past four years.
This news is after they raised 25 million dollars in a Series B round of funding led by Tree Line Asia, in a round of investment that included American Express, Sequoia Capitaland Cisco investments. The round A investments included $5 million from an undisclosed source.
eWallets are not a new thing in India. There are dozens of rivals for MobiKwik including the Alibaba backed PayTM, Freecharge, Pay U, Udio, Oxigen wallet, Mymobile and several others. Working on the exact same business model as all other eWallets, MobiKwik has options for DTH recharges, cellphone bills and utility bill payments including gas, electricity and landline connections.