MobiKwik Gets Funding From Net1

IAS Prelims 2023

“Net1” has signed a subscription agreement with One MobiKwik Systems Private Limited (“MobiKwik”) in India.

As part of the strategic partnership, Net1 will invest $40 million in MobiKwik. In addition, through our technology agreement, Net1’s Virtual Card technology will be integrated across all MobiKwik wallets in order to provide ubiquity across all merchants in India.

MobiKwik is India’s largest independent mobile payments network, trusted by over 32 million users and 100,000 retailers.

MobiKwik’s current shareholders include Sequoia Capital, Tree Line Asia, American Express, Cisco Investments, GMO Payment Gateway and MediaTek, as well as Bipin Preet Singh and Upasana Taku, the founders and executive officers.

Over the next three years, MobiKwik has targeted having 150 million users and 500,000 merchants.