Mobile payments platform MobiKwik in talks for new funding round

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Mobile payments platform MobiKwik is reportedly in talks to raise between $100m to $150m for its latest funding round.

This investment would see the company’s value reach over $1bn, according to an article by TechCrunch.

Founded in 2009 the India based-company is a mobile payments network with over 35 million users and 100,000 retailers, which include Domino’s Pizza, eBay, JustEat, FasionAndYou, among others.

The company allows users to access its wallet app on Android, Windows and iOS phones to buy a range of products including food, clothing and electricity.

With the investment MobiKwik plans to use around $45m of the capital to grow its user and retailer base, as well as increasing its number of offices from six to over 20, the article said.

Late last year the firm picked up $40m in a funding round, which followed a $50m Series C led by GMO VenturePartners earlier that year.

If the latest funding round goes ahead, it would bring the company’s total investments to around $126m.

Firms which have invested into the company include Sequoia Capital, Tree Line Asia, MediaTek, American Express Ventures, Cisco Investments, among others.

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