Indian mobile fintech and digital wallet MobiKwik has raked in INR520m ($7.05m) in a funding round, to support its growth.
The funding round was led by HT group’s investment arm Hindustan Media Ventures (HMV).
Pratithi, the family office of Infosys co-founder Kris Gopalakrishnan, also joined the funding round.
Gopalakrishnan said: “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.”
MobiKwik was in the news for raising INR415m ($5.6m) in a Series E round led by HMV, last month.
The fintech firm will use the fresh capital to fund its key business areas such as digital credit cards, consumer payments, and payment gateway.
MobiKwik’s digital credit card business has 15 million pre-approved users for its credit product.
These users can avail this credit and make payments using the MobiKwik wallet and the MobiKwik Blue Amex Card.
In September 2020, MobiKwik said that it aims to launch an initial public offering (IPO) by 2022 and has already begun the process for the listing.
MobiKwik co-founder and CEO Bipin Preet Singh said: “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.”
HT group CEO of strategic investments Piyush Gupta said: “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.”
In 2018, MobiKwik added an on-the-go credit card bill payment option for Visa customers, with plans to extend the new service to members of other branded credit cards.