Snow Leopard invests $1.6m in India's QuikWallet

In a statement, QuikWallet said it will use the funds to expand its team and add more merchant partners. Currently the company works with around 1,000 restaurants and local merchants. Users of the app can pay for goods and services via mobile phones through a variety of methods, including QR codes, SMS, and near field communication (NFC).

QuikWallet started in 2012 as a loyalty app for restaurants, later branching into technology-enabled payment services. The app also offers geography-based recommendations for restaurants and shopping.

The company's competitors in the mobile payment space include MobiKwik and Paytm. QuikWallet differs from these options, however, in that its service is not a mobile wallet with an account that customers deposit money into and withdraw from to make payments. With QuikWallet, users link their credit card numbers to their accounts and are debited directly upon payment. The company claims the credit card information is stored securely and can only be accessed by the customer.

Snow Leopard provided a previous investment of $500,000 to QuikWallet in 2013. The firm specializes in early and seed stage investments in Indian start-ups. Earlier this year it participated in a $5 million Series A round for autorickshaw-hailing app Jugnoo, along with Paytm.

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