Indian mobile wallet company MobiKwik has raised $25m in a Series B funding from group of investors including Tree Line Asia, Cisco Investments, American Express and Sequoia Capital.
MobiKwik intends to use investments in technology/data analytics, brand building and growing the network of users and merchants.
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MobiKwik founder and CEO Bipin Preet Singh said: "We have a 100% focus on creating a neutral, interoperable and widely accepted wallet. With over 15 million wallet users, and neutrality towards 25,000 merchants, we are now aiming for the next level of growth and building a ubiquitous mobile wallet for a billion Indians."
In February this year, MobiKwik has applied for a payments bank licence under which it plans to disrupt the delivery of financial services in India by using mobile technology.
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