MobiKwik raises INR 520 million; funding led by Hindustan Media Ventures
By Edil Corneille
Indian digital credit platform, MobiKwik, today announced that it has raised INR 520 million in a fresh round of funding. The round was led by Hindustan Media Ventures, the investment arm of HT group with participation from Infosys Co-Founder Kris Gopalakrishnan’s family office Pratithi.
“MobiKwik has carved out a unique spot for itself with its Digital Credit Card model within India’s FinTech ecosystem. The company has demonstrated good financial performance by scaling revenue while becoming breakeven profitable. We are excited to partner with the company in its growth journey,” said Piyush Gupta, Group CFO & CEO Strategic Investments of the HT group.
“A successful new business is one which creates jobs, is sustainable, and can run for a long time. The MobiKwik team is executing with this vision and I am happy to support and encourage them,” said Kris Gopalakrishnan, co-Founder & former co-Chairman of Infosys.
“The HT group and Kris coming on board is very exciting for us and is an endorsement in our business model of bringing Digital Credit to 100 Million Indians. We are on the road to IPO and look forward to their guidance on building a long lasting sustainable company and creating impact via Financial Inclusion,” said Bipin Preet Singh, Cofounder & CEO at MobiKwik.
The fresh capital will be used for growth in all key business segments of the firm – digital credit & cards, consumer payments and payment gateway. The company has seen significant traction in its Digital Credit Card business and has pre-approved 15 million users for its credit product, which is availed by users for making payments via the MobiKwik Wallet and the MobiKwik Blue Amex Card. On the back of credit & payments, the firm has doubled its revenue for three successive years and significantly reduced its cash burn to near zero. The company posted INR 3.79 billion in revenues as of the financial year ending March 2020, a growth of 133 per cent year over year (yoy).
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