SoftBank Initiates The Merger Of Snapdeal And Flipkart
Mobikwik is ready to Receive over $100 Million worth of Capital Funding
The India’s largest digital e- wallet company Mobikwik is ready to raise funds in their next capital funding round. The investor BlackRock Inc is ready to raise a capital worth $100 million to make Mobikwik achieve a milestone mark of $1 billion as capital valuation.
This massive deal of $100 million is not yet confirmed and the investors are still in talks. The dates of the funding will be released soon and if the deal is finalised, then Mobikwik will join the billion- mark league of capital valuation along with Paytm and Freecharge. This deal would see private investors from India’s Bank of Baroda and Canara Bank along with the international investor BlackRock to initiate the capital funding.
The transaction of $100 million will make Mobikwik the second start- up to reach the $1 billion capital mark from India’s fintech industry. One97 Communications which is India’s first fintech unicorn collaborates with Alibaba Group is in discussions with SoftBank group to receive a massive funding of $1.4 billion.
Mobikwik was established as a digital e- wallet firm in the year 2009 by Upasana Taku and Bipin Preet Singh. Mobikwik had a great financial support from other private investors including Tree Line Asia Master Fund, American Express Co. and Sequoia Capital. The Financial Company- Tree Line Asia that currently has over 55 million customers is eyeing to offer financial products such as insurance policies and mutual funds through the Mobikwik’s digital platform.
Mobikwik and Paytm have grown as a company after Prime Minister Mr Narendra Modi’s shocking decision of banning the higher- value currency notes. During the period of Demonetisation, Paytm and Mobikwik saw a huge increase in the user base as customers were heavily relying on digital payment systems for their daily needs.