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India's VC-backed Mobikwik attracts $35m investment

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Indian non-banking financial company (NBFC) Bajaj Finance has agreed to invest about INR2.2 billion ($35.3 million) in Mobikwik, a domestic mobile wallet developer backed by a number of venture capital firms including Sequoia Capital.

According to a filing, the cash investment would deliver Bajaj a 10.8% stake in the company on a fully diluted basis. The capital is intended to provide Bajaj with access to a comprehensive debt and credit monitoring system as well as support the development of front-end applications for users of the NBFC’s services.

Founded in 2009, MobiKwik partners with retailers to provide mobile digital payment services with in-app security functions for use in online and offline transactions. The company claims a network of 55 million users with more than 1.5 million retailers, including brick-and-mortar stores, e-commerce websites, telecom providers.

It received $50 million in Series C funding last year from Sequoia, GMO Venture Partners, MediaTek Ventures, Cisco Investments, Treeline Asia Master Fund and The Times Group. Previous investors also include Net1, InnoVen Capital India, and American Express.

Mobile wallets are one of the more popular online payment models in India, catering to the many consumers who do not have credit or debit cards. Similar areas that have received VC support involve businesses that encourage the adoption of credit and debit cards by making them easier for rural customers to use.

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