Mobikwik Looking To Raise Fresh Funds
Mobikwik is on the verge of raising new funds to give the digital e-wallet company a capital valuation of up to $1- billion. In order to invest funds, the company is approaching banks and other financial institutions. The aim here is to offer more financial services on the Mobikwik’s website and mobile app.
The company has raised around $80 million of funds in funding till-date and they are planning to bring more funds in order to become a company with a valuation of $1 billion as early as possible.
Mobikwik is greatly relying on investors such as Sequoia Capital, MediaTek, Treeline Asia and many others to get big funds and achieve the $1 billion capital mark. Once Mobikwik reaches this mark, it would be directly competing with other E-commerce giants such as Snapdeal, Flipkart, Ola and Paytm as they have already been valued at $1 billion valuations. The CEO of the Mobikwik said they are in talks with the banks and private investors to get more funding and achieve the dream valuation of $1 billion value.
However, he politely refused to comment on the sources that are helping Mobikwik reach this dream mark. The company is more likely to hit this milestone of a billion mark in the middle of 2018. However, the focus is never on reaching that valuation by quickly getting the funds said CEO of Mobikwik Mr Bipin Preet Singh.
Mobikwik users reached to an amazing number of 45 million due to the recent demonetization move made by our Prime Minister. The cashless economy has already affected many sectors with a hit of up to £2 trillion on the economy. According to the demonetization plan, India is slowing moving towards the cashless economy and due to which digital e-wallet companies like Mobikwik and Paytm will benefit a lot.