Gurgaon-based One MobiKwik Systems Pvt Ltd, which runs online recharge platform and mobile wallet venture MobiKwik, has raised $50 million in its Series C round led by Japan's GMO Payment Gateway and Taiwanese semiconductor company MediaTek.
Existing investors Sequoia Capital and Tree Line Asia also participated in this round, MobiKwik said in a statement. The funds will be used for product innovation, expanding the team and user growth, it said. MobiKwik didn't disclose the valuation at which it raised the fresh funds. But co-founder and CEO Bipin Preet Singh said its valuation has significantly increased, though he didn't specify whether he was referring to the Series C round in particular. The startup claims that its gross merchandise value has grown 250% annually for the last four years. The company had, in April last year, raised $25 million (over Rs 150 crore then) in a Series B round of funding led by Tree Line Asia. Cisco Investments, American Express and Sequoia Capital also participated in that round.