BlackRock may fund Mobikwik valuing it at US$1bil

Fink(inset pic) was awarded $25.5 million in compensation last year, compared with $25.8 million in 2015, based on a calculation of his pay in line with U.S. Securities and Exchange Commission guidelines.

MUMBAI: One Mobikwik Systems Pvt, an Indian digital payments service provider, is set to raise funds from investors including BlackRock Inc valuing the company at about US$1bil, a person with direct knowledge of the matter said.

The company based near New Delhi is in advanced talks to raise more than US$100mil from BlackRock and Indian state-run lenders including Bank of Baroda and Canara Bank, the person said asking not to be identified as the information is not public. The deal is not yet finalised and the terms may change, said the person.

If completed the transaction would make Mobikwik the second unicorn – or startup worth over US$1bil – from India’s fintech industry and indicate a revival of venture capital funding after valuation plunged in the past year. India’s first fintech unicorn One97 Communications Ltd, backed by Alibaba Group Holding Ltd, is also in talks with SoftBank Group Corp to raise as much as US$1.4bil, people familiar with the matter said last week.

Mobikwik has backers including Sequoia Capital, American Express Co and Tree Line Asia Master Fund, according to the company’s website. – Bloomberg