MobiKwik raised funding of Rs 52 crore led by Hindustan Media Ventures, the investment arm of HT Group, with participation from Infosys Co-founder Kris Gopalakrishnan’s family office Pratithi.

The Gurugram-based fintech startup said that it will use the fresh capital to fuel growth in all key business segments of the firm — digital credit and cards, consumer payments, and payment gateway.

The company has seen significant traction in its digital credit card business and claims that it has pre-approved 15 million users for its credit product, which is availed by users for making payments via the MobiKwik Wallet and the MobiKwik Blue Amex Card.

The fintech company, which has around 120 million users and three million retailers, competes against the likes of Paytm, PhonePe, and Google Pay.

Piyush Gupta, Group CFO and CEO - Strategic Investments of HT Group added that 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. We are excited to partner with the company in its growth journey," he said.

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

MobiKwik posted Rs 379 crore in revenues as of the financial year ending March 2020, a growth of 133 percent year over year.