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

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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. Read More

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