Mobile payment service QuikWallet has raised an amount of $1.6 million from Snow Leopard Ventures.
The raised amount will be used for scaling the team, technology, and company’s merchant base. The company has plans of raising $5 million soon, as reported by ET.
Mumbai based startup was founded in 2012 by Yudhajit Nag Sen and Mohit Lalvani. QuikWallet is a platform focused on enabling payments offline for merchants and consumers. The service is used by 250+ restaurants and small merchants across India.
Payment options include SMS, NFC, QR codes, mobile applications, and POS software. It presently has around 100,000 users in five metros and is processing around Rs 50 lakh of transactions every month.
In July 2013, the company had raised an amount of $500,000 in its seed round of funding from Snow Leopard.
Co-Founder and CEO Mohit Lalvani said, “Our vision is to bring down the barrier for a merchant to accept payments using just an SMS and NFC tags with no data connectivity or hardware terminals required.” Further adding, he said, “We have now expanded our offering to own the customer whether they transact online or offline.”