Fintech firm MobiKwik has acquired Rs 52 crore (appr. $7 million) in capital by means of an funding spherical led by Hindustan Media Ventures, the funding division of HT Group.
The spherical included contributions from Infosys Co-Founder Kris Gopalakrishnan’s household workplace, Pratithi.
The funds raised will probably be used to additional broaden MobiKwik’s enterprise operations in all key market segments the corporate already serves, together with digital credit score and fee playing cards, client associated funds, and the agency’s fee gateway.
Bipin Preet Singh, Co-Founder and CEO at MobiKwik, acknowledged:
“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.”
MobiKwik’s administration revealed that they’ve seen appreciable traction of their on-line bank card enterprise and have additionally pre-approved 15 million prospects for his or her credit score product, which may be availed by customers for conducting digital funds by means of the MobiKwik pockets and the MobiKwik Blue Amex Card.
Piyush Gupta, Group CFO and CEO Strategic Investments of the HT Group, remarked:
“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.”
Along with increasing its credit score and on-line funds companies, MobiKwik has managed to double its income for 3 consecutive years and claims it has lowered its cash burn price to virtually zero.
The Fintech agency earned Rs 379 crore (appr. $5.14 million) in revenues as of the monetary yr (FY) ending in March 2020, which represents a strong progress of 133% on year-on-year foundation.
“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.”