MobiKwik, the Mobile wallet and online recharge company has raised funding of Rs 44 Crore, in a mixture of debit and equity, from its existing investors, SequoiaCapital and Asia-focused hedge fund Tree Line Asia. Sources confirm that this is not a fresh funding but is part of the April funding which was slated to be released in this year.

According to documents filed by the Gurgaon startup, Tree Line Asia, through Tree Line Asia Master Fund (Singapore), has invested about Rs 9.92 crore and Sequoia Capital, through its investment vehicle, Sequoia Capital India Investment IV, has given in an additional Rs 22.48 crore, to the company. This tranche(B4), is part of the company’s Series-B round. There is yet more funding expected from other existing investors -American Express and Cisco -at a slightly later date. - mobikwik raising fresh funds

Both, Sequoia and Tree Line have been issued a total of 89,844 cumulative compulsorily convertible preference shares at Rs 3,605.57 per share in lires at ` eu of their investment. In addition to the funding by above two investors, Innoven Capital, the Temasek-owned venture debt firm, has provided debt financing of Rs 12 crore that will be used by the company to meet its working capital needs.

We had published the news about company looking to raise funds between $80 million to $100 million had been doing the rounds in earlier this year, before this funding came into picture.  Mrinal Sinha, Chief Operating Officer at MobiKwik says:

“We are on track for our financial year 2016 fund raise, but do not have any specific updates as of now,”

Prior to this transaction, MobiKwik has raised close to $30 million (about Rs 195 crore) in funding. This amount has come from various investors like Sequoia Capital, American Express, Tree Line Asia and Cisco Investments. The startup aims to scale up the monthly gross merchandise value on its platform to Rs 700-800 crore in the coming year. The startup is also looking at actively expanding the offline base to a lakh in the coming year. MobiKwik claims to have 25 million users and 50,000 retailers on its platform.

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Ruchi Pandita

Ruchi is a word-weaver, a painter, an amateur photographer and a poet at heart. The ease with with she can explain the most complex stuff impresses people around her. Being a gemini, she is never content, always looking for new ways to explore her self and the world around. The startup revolution has greatly influenced her and she is using her talent to help budding entrepreneurs find the way forward.

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