The competition in the digital payment segment is becoming more and more intense with time, as big players like PhonePe, Paytm, and Mobikwik, are coming up with newer and newer features and services to edge out their rivals.
However, for Mobikwik, it has been about a year since it last raised funding. But according to a report, the company has now secured more than $3 Million in a bridge round, which has been led by Sequoia Capital.
Two sources on condition of anonymity have revealed, “Sequoia Capital has led the round with Rs 15 crore worth contribution, and two other existing investors – Net1 UPES and GMO Venture Partner – have also participated in the round.”
In 2017, the company also raised Rs. 225 crores from Bajaj Finserv. So, including the latest round, Mobikwik has secured a little over $118 million in total.
With the help of this small round, Mobikwik is reportedly trying to raise a large round of funding. In fact, the company had been planning to raise $60 Million for about a year with the aim of launching new financial services like zero interest loans, insurance, and personal loans.
The two sources which revealed about the latest funding round also said, “The company hadn’t been able to score the projected amount, but due to the competition could not afford any delay in launching these services.”
Picture Credits: Mobikwik