Mobikwik to raise $100 million at a valuation of $1 billion

Mobikwik, a domestic digital payments service provider, is in talks with BlackRock and other small investors including Bank of Baroda and Canara Bank to raise $100 million at a valuation of more than $1 billion. If the deal goes through, then it will be the second unicorn (startups valued at more than $1 billion) in the financial technology industry after PayTM. Founded in 2009 by Bipin Preet Singh and Upasana Taku, Mobikwik has backers including Sequoia Capital, American Express Co. and Tree Line Asia Master Fund.

The startup, with a customer base of more than 55 million, is now adding on financial products including mutual funds and insurance products through the platform. Such an aggressive growth in product offering is partially because PayTM is pushing ahead in the digital race with its offline reach and technology focused platform. It is currently in talks with Softbank to raise $1.4 billion in a bid to expand significantly both in domestic and international markets.