MobiKwik to invest ₹300 cr to grow user base

NEW DELHI : Digital wallet company MobiKwik will pump in ₹300 crore this year to be used mainly on loyalty initiatives and expansion of user and merchant base. The company, which competes with Alibaba-backed Paytm, expects to grow its user base in India from 55 million to 150 million and merchant base to 5 million from 1.4 million. It is looking to raise fresh funding in three months. It has raised over $85 million so far.