Money On Mobile, mobile payment platform launched by My Mobile Payments Limited is planning to raise a series-B funding of between $75 Mn and $100 Mn to funds its growth and expansion plans, BS states.
Last year in April, the mobile payment platform had raised $29.7 Mn from Calpian Inc, a Texas-based public company that deals with electronic payments processing.
Shashank M Joshi, MD MMPL stated, so far company grew its operations just by directly reaching out to retail outlets as they in-turn recharged mobile wallets of individual consumers in exchange for physical cash and is now it plans to use other modes like advertising to grow the customer base, besides entering into new areas of mobile point of sale (PoS)
PoS is a technology that turns a normal mobile phone into a credit card/ debit card swiping gadget in the hands of small shopkeepers. It plans to cover 5,000 retail outlets under the mobile PoS services.
As of now My Mobile offers 36 services and plans to add 28 more services in the next 45 to 60 days.
It expects to reach an average transaction size of 1.5 Mn a day by the end of this year and a four-fold increase in transaction value at R2,500 Cr during the current financial year.
It is currently generating about 400,000 transactions a day, of which majority are from customers using for topping up of prepaid mobile talktime and direct-to-home (DTH) recharges. The average value of transaction is around R80 per transaction.
Currently, about 150,000 retail outlets and 200,000 individual customers are using the MOM mobile wallet platform.
Three years back when Money On Mobile was launched it had generated R19 Cr through transactions in its first year, by next year it had generated R250 Cr and in the year ended March’13 it has seen transactions worth R650 Cr.
In March, digital payments service provider Citrus Pay raised $2 Mn Series A funding round from Sequoia Capital. While in January, Mswipe Technologies raised its first round of funds from Matrix Partners.
Source: http://www.dealcurry.com/20130619-Money-On-Mobile-Plans-Series-B-Funding.htm
