Net1 to invest up to $40 million in MobiKwik over two years

It had previously raised three rounds of funding from investors including Sequoia Capital, American Express, MediaTeK

Payment services provider Net1 UEPS Technologies Inc will invest up to $40 million in Indian mobile wallet services provider MobiKwik over the next 24 months, the companies said in a joint statement on Friday.

MobiKwik had previously raised three rounds of funding from investors including Sequoia Capital, American Express, MediaTeK and Cisco Investments, according to the statement.