Primarily a mobile wallet, MobiKwik’s range of services include online recharge (topping up mobile phone credit), bill payments, money transfers, coupons and ticketing.
MobiKwik plans to spend its new cash to develop its services, increase its staff and ramp up its marketing efforts.
The funding was led by two interesting strategic investors: GMO, a publicly listed Japanese internet company involved in payments among other things, and semiconductor company Mediatek. Existing investors including Sequoia and Treeline Asia also took part in the round.
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