Networking giant Cisco has invested in the mobile wallet MobiKwik as it looks to expand in the field of Internet of Things (IoT), where payments can be made by machines without human intervention.
MobiKwik has raised close to $ 25 million in a Series B round led by Tree Line Asia. Other investors include Cisco Investments, American Express and existing investor, Sequoia Capital. The funds will be used for investment analysis technologydata, brand building and growing t the network of users and dealers, the company said.
MobiKwik investment Cisco is a part of our attention to the mobility connected, said Alok Bardiya, national director, Cisco Corporate Development. "This investment demonstrates our focus on India and the faith we have in it becoming a hotbed for innovation."
Bipin Preet Singh, founder and CEO, MobiKwik he said: "We have a goal of 100% on creating a portfolio neutral, interoperable and widely accepted Taking million Indians from cash to digital transactions and building a user profile rich meet all of their financial services. 'needs, is our ultimate mission to MobiKwik. "
Investment American Express' in MobiKwik payments helps the company to play an active role in promoting the growth momentum of mobile payments in India. According to Sanjay Rishi, president of American Express South Asia, "MobiKwik was impressive with its focus on a product based on the mobile that customers love to use. American Express is a staunch supporter of the untapped potential of the phone to make financial transactions and easy still safe. "
Cisco has been actively looking for investment targets in India. The company has invested in MobStac headquartered in Bangalore, as part of its comprehensive plan for mobility-related, and in Covacsis, which has applications for Smart manufacturing.Apart to gain access to the technology of Cisco networking, MobiKwik gain access to expertise American Express' in payment processing.
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