Mobikwik raises Rs 52 crore from HT group, Kris Gopalakrishnan's family office
Digital payments firm Mobikwik has raised Rs 52 crore ($7.1 million) in funding from Hindustan Media Ventures, the investment arm of HT group, and Infosys co-founder Kris Gopalakrishnan and his family office Pratithi.
Mobikwik will use the funds to strengthen its business across segments and the acquisition of new customers. The company also plans to launch its IPO soon and expects such investments to increase investor trust.
Commenting on the investment, Mobikwik co-founder and CEO, Bipin Preet Singh, said in a statement: “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.”
Piyush Gupta, group CEO of strategic investments of the HT group, added: “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.”
Mobikwik has been posting strong numbers over the last few years and has managed to double its revenue for three successive years. The company had posted Rs 379 crore in revenue as of the financial year ending March 2020.
Mobikwik is one of the leading players in the digital payments space, competing with the likes of Google Pay, Phonepe, Paytm, and others.
Copyright © 2022 FashionNetwork.com All rights reserved.