After Bajaj Fin buys 11% stake for $33 mn, MobiKwik aims to raise $120 mn

The mobile payments wallet company wants to go deep into the financial services sector

After raising over $33 million from Bajaj Finance Limited, mobile wallet firm MobiKwik is planning to bring in $120 million more, co-founder Upasana Taku said. 

On Wednesday, MobiKwik entered into a tie-up with Bajaj Finance, after the latter gave $33 million for 10.83 per cent stake in the company, taking the valuation of the mobile wallet firm to $330 million. In the next few weeks, MobiKwik would launch a debit and credit wallet. 

According to MobiKwik, association with Bajaj Finance would help it add a host of financial services, as the firm would extend credit facilities through MobiKwik's mobile app. "MobiKwik app will have a virtual debit and credit card powered by Bajaj Finance. More than investment, we are getting a great partner from whom we would be able to launch sector-first and industry-first services on our app," said Taku.

She added that the $33-million investment is just the first tranche of money coming into the company. They are already in talks with venture capital and private equity funds to raise $120 million. "The plan is to continue to raise more funds, so that we can go ahead with our strategic plans," she said. 

Sources said MobiKwik founders Bipin Preet Singh and Taku have been in talks with major investors in the US and hope to bag the next round of investments in the next few months.

Increase in user base would push its annual gross merchandise value to $10 billion by the end of the year, from the current $2 billion, MobiKwik said.