Mobikwik to raise more than $1 billion from BlackRock, Bank of Baroda and Canara Bank
Mobikwik to raise more than $1 billion from BlackRock, Bank of Baroda and Canara Bank

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 $1 billion, a person with direct knowledge of the matter said.

As per the sources, the company based near New Delhi is in advanced talks to raise more than $100 million from BlackRock and Indian state-run lenders including Bank of Baroda and Canara Bank.

The deal is not yet finalized and the terms may change, said the person.

If completed the transaction would make Mobikwik the second unicorn -- or startup worth more than $1 billion -- 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 $1.4 billion, people familiar with the matter said last week.

The financial services company with more than 55 million customers will be looking at distributing financial products including mutual funds and insurance products through the platform, the person said.

 
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