Infosys co-founder Kris Gopalakrishnan backs digital payments company MobiKwik

Gurugram headquartered One MobiKwik Systems, which operates digital payments platform MobiKwik, has announced raising around Rs 11 crores ($1.5 million according to current exchange rates) from Infosys co-founder Kris Gopalakrishnan’s family office, Pratithi.

Hindustan Media Ventures, the investment arm of HT group also participated in the round with a $5.5 million infusion reported in November 2020. 

The funds will be used for growth across multiple verticals in the company, including digital credit and cards, consumer payments and its payment gateway business, a statement issued by the company said. 

MobiKwik started its wealth management business in 2018 with the acquisition of Clearfunds and added insurance products to its offerings in 2019. 

“We are on the road to IPO and look forward to their guidance on building a long lasting sustainable company and creating impact via financial inclusion,” Bipin Preet Singh, CEO at MobiKwik said, referring to HT group and Kris Gopalakrishnan’s participation in the round. 

The round values Mobikwik at $380 million and is being touted as a pre-IPO round. During the announcement of the tranche from HT group, co-founder Upasana Taku said that the company will be raising a total of Rs 120-150 crore by early 2021 with plans to take the company public in 12 months. 

According to the statement, the company posted Rs 379 crore in revenues for the financial year ending March 31, 2020 and has 120 million users on its payment platform. 

“A successful new business is one which creates jobs, is sustainable, and can run for a long time. The MobiKwik team is executing with this vision and I am happy to support and encourage them,” said Kris Gopalakrishnan, co-founder of Infosys in the statement.

Founded in 2009, by Singh and Taku, MobiKwik claims to have raised $110 million from investors including Sequoia Capital, MediaTek, and media companies NDTV and Bennett Coleman and Company Limited (BCCL).