Mobikwik, the online recharge platform — more popularly known for its mobile wallet service, has today received an additional $6.6 Million, which is a combination of both – debt financing and private equity, from its existing investors Sequoia Capital and Tree Line Asia (via Economic Times).
According to the documents filed by the company with the Registrar of Companies, Sequoia Capital, through its Sequoia Capital India Investment IV , has invested an additional Rs 22.48 crore, while Tree Line Asia, through Tree Line Asia Master Fund based in Singapore, has also invested about Rs 9.92 crore in the company.
Along with funding from Sequoia and Tee Line, the company has also received close to $2 Million in debt financing by Innoven Capital. All this funding is a part of company’s Series B round. More funding in this round is expected at a later date from American Express and Cisco.
It was reported that MobiKwik would look to dilute around 25% stake at a valuation of over $400 million. Sequoia and Tree Line have been issued a total of 89,844 cumulative compulsorily convertible preference shares at 3,605.57 per share.
Earlier this year, the company had raised $25 million in Series B round of funding led by Tree Lines with participation of Cisco Investments, American Express and Sequoia Capital.
In other developments, Mobikwik partnered with IRCTC, enabling Mobikwik’s mobile wallet as first payment mode for the latter’s smartphone application. With this partnership, the company expected to boost ticket sales which are around 25,000 per day.
He has been a technology writer since more than five years. At The Tech Portal, he covers gadgets, startups and the good and bad of tech.