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MobiKwik plans to raise $60 million by March 2018

December 06, 2017
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MobiKwik is in talks with several investors to raise over $60 million before the end of financial year 2017-18. Mobikwik has raised approximately $130 to $140 million so far. The company raised $33 million from Bajaj Finance Limited in August 2017, and is looking to raise a total of $100 million before the end of this financial year.

In addition, Mobikwik is set to launch a host of financial services such as granting personal loans, insurance and zero interest loans to its users. These services will be made possible through partnerships with a few banks and non banking financial corporations (NBFCs). The company will offer know your customer (KYC), loan disbursal process and collection through its mobile application.

MobiKwik expects that these value-added services will help the company break-even in the next 18 to 24 months. At present, about 60 per cent stake in the company is held by promoters and senior officials while the rest is held by various investors. Mobikwik plans to leverage the new initiatives to increase the earning per customer over.

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