Though Paytm may have benefitted the most from the country’s aggressive push towards a cashless and digital economy, its arch-rivals aren’t far behind. They’re instead looking to bank on this opportunity, when Paytm, the leading digital wallet provider, has diverted focus towards several new categories. One such competitor, who ranks at number two in India, is called MobiKwik and is now adding fresh capital to its coffers to keep their battle for the top position alive.
This development was first reported by TechCrunch and has been confirmed by the company’s co-founder Upasana Taku. She says that MobiKwik has garnered interest from several financial institutions and plans to secure somewhere between $100 million-$150 million at an astounding valuation of more than $1 billion. This fundraising round is significant for the company as it will see them become one of the few Indian businesses to attain the unicorn status.
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