MobiKwik, the fintech firm, on Friday said that it has raised Rs. 52 crore in funding, which is led by Hindustan Media Ventures, the investment arm of HT group.

This founding round witnessed participation from Infosys co-founder Kris Gopalakrishnan’s family office, Pratithi.

The fresh capital will be used for growth in all key business segments of the firm, including digital credit and cards, consumer payments, and payment gateway.

Co-founder and CEO Bipin Preet Singh said, “The HT group and Kris coming on board is very exciting for us and is an endorsement in our business model of bringing digital credit to 100 million Indians. We are on the road to IPO and look forward to their guidance on building a long lasting sustainable company and creating impact via Financial Inclusion."

MobiKwik said that it has witnessed significant traction in its digital credit card business and has pre-approved 15 million users for its credit product, which is utilized by users for making payments via the MobiKwik wallet, and the MobiKwik Blue Amex Card.

Piyush Gupta, Strategic Investments’ Group CFO and CEO of HT group, said, "MobiKwik has carved out a unique spot for itself with its 'digital credit card model' within India's fintech ecosystem. The company has demonstrated good financial performance by scaling revenue while becoming breakeven profitable.”

On the back of credit and payments business, the firm has doubled its revenue generation for three successive years, and is significantly reduced cash burn to nearly zero.

The company had posted Rs. 379 crore in revenues as of the financial year ending March 2020, a growh of 133 percent year-on-year.

Gopalakrishnan said, "A successful new business is one which creates jobs, is sustainable, and can run for a long time. The MobiKwik team is executing with this vision and I am happy to support and encourage them.”