Digital payment startup Mobikwik has raised ₹8.74 crores from New Delhi Television Limited (NDTV) and Trifecta Capital in a fresh funding round. In December last year, the Sequoia-backed startup raised ₹21 crores in Series E round from existing investors Sequoia Capital, Net1 UPES and GMO Venture Partners.
According to the filing with the RoC, Mobikwik raised ₹5.74 crores against equity from NDTV and ₹3 crores from Trifecta. The startup has issued 6,972 Series E5CCPS worth ₹8,233.50 each in which Trifecta picked up 3,643 shares.
Founded by Bipin Singh and Upasana Taku in 2015, the startup acquired online mutual funds advisor Clearfunds in October last year for an undisclosed amount.
Mobikwik is planning for IPO in the next two years and aims to raise around ₹350 crores before its public listing. The company has raised ₹826 crores in funding so far from investors like Sequoia Capital, American Express and Cisco Investments. In 2017, Mobikwik secured ₹225 crores from Bajan Finserv last year.
The startup claims to process more than 10 lakh transactions including 3,000 insurance policies every day. Mobikwik expects to touch ₹480 crores in revenue by March 2020. Consumer payments contribute 60% of the total volume of transactions of Mobikwik while the financial products and bill payments contribute to the rest.
The digital payment space in India has become cut-throat competitive with big players like Paytm, PhonePe and Google Pay to bat for larger market share. The hyper-competition results in increased burn rate as all the players keep on infusing capital to lure and sustain customers.
