Mobikwik, the digital payment service provider company is looking to raise approximately ₹650 crores ($100 million) at a valuation of ₹6,500 crores ($1 Billion). According to sources close to the development, Mobikwik is in advance talks with investors including BlackRock Inc, Canara Bank and Bank of Baroda, however, nothing has been finalised yet.
If the transaction takes place on Mobikwik’s terms, it will become the second fintech startup of India valuing over $1 Billion after Paytm.
Mobikwik was started by Bipin Preet Singh and Upasana Taku in 2009. It counts the likes of Sequoia Capital, American Express and Tree Line Asia Master Fund as the investors. With the raised funds, it plans to venture into financial services such as providing mutual funds and insurance through its platform.
Mobikwik grew rapidly in the last quarter of 2016, when the government had announced the recall of big denomination of cash. Digital Payments got a big boost because of demonetisation and government’s initiatives to promote digital payment.