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MobiKwik plans to raise $100 mn funding from investors to fuel expansion

The funding is expected to come in during the latter half of the year

Press Trust of India  |  New Delhi 

The deal with Bajaj Finance values the company at over $300 million

Mobile wallet company is looking at raising over $100 million from this year to fuel its expansion.

recently inked an agreement with under which the latter invested Rs 225 crore (about USD 35 million) in the company for a 10.83 per cent stake.

"We had said that we plan to raise about $150 million and this (from Bajaj Finance) is the first tranche. We are in talks with and venture capitalists to raise over $100 million," Co-Founder Upasana Taku told PTI.

She added that more is expected to come in during the latter half of the year.

The deal with values the company at over $300 million.

has so far raised over $85 million in from like South Africa's payments major Net1, Sequoia Capital, American Express, Tree Line Asia and Investments.

It claims to have a network of more than 15 lakh direct and over 55 million users.

Talking about the partnership, Taku said the two will collaborate to launch many "sector- first and industry-first services" on its app.

Under the agreement, will acquire 10 equity shares and 271,050 compulsory convertible preference shares (CCPS) of

Post conversion of the CCPS, would hold about 10.83 per cent of equity in The conclusion of the transaction is subject to fulfilment of certain conditions in due course.

Interestingly, last month, MobiKwik's rival and Snapdeal-owned was sold to in a Rs 385 crore deal.

have gained significant traction after the government's decision to ban high-denomination notes in November last year.

Mobile wallet like and have witnessed significant growth in a number of users as well as the volume of transactions on their platforms.

These are also rolling out new features and offer to drive usage and bring new consumers on board.

First Published: Sun, August 06 2017. 20:50 IST