MobiKwik secured $29.5 mn in a fresh funding round

One Mobikwik Systems, which owns a digital payment platform, has now secured INR 224 crore in a combination of debt and equity issues from a Cayman Islands-based special purpose vehicle, MK SPV IX LP.

Mobikwik has secured $4.8 million in a growth round, $14.6 million in a compulsorily convertible debenture issue, $10 million in the issue of a warrant, and INR 94400 in an equity share issue, according to the report.

The round values MobikWik at an estimated $414 million, 31% higher than the fair market valuation it secured in the preceding round.

Founded by the Bipin Preet Singh and Upasana Taku in 2009, Mobikwik offers financial services that include lending, digital wallet, insurance, gold, payment gateway, and investment in mutual funds.

In the month of June, Mobikwik revealed that it would double down on its payment gateway business over the coming next two years. The platform claims to have 94 million unique cards saved on its payment gateway, of which 20 million are credit cards.