NEW DELHI: One MobiKwik Systems, which owns and operates online recharge and mobile wallet MobiKwik, has raised about $50 million (Rs 332.6 crore) in fresh capital, in a new round led by Japan’s GMO Payment Gateway and Taiwanese fabless semiconductor company MediaTek The Series-C round, which closed last month, also saw participation from the company’s existing investors Sequoia Capital and Asia-focused hedge fund Tree Line Asia. The post-money valuation of the company, however, was not disclosed.“MobiKwik is excited to have raised an undisclosed amount in the Series-C round of funding led by GMO and MediaTek. GMO is Japan’s leading payment gateway and MediaTek is the world’s leading semiconductor company,” a company spokesperson wrote in an email to ET, while offering no comment on the specifics of the deal. In March, MobiKwik’s CEO Bipin Preet Singh had told ET that the company was looking to raise between $40-$50 million.“We are open to strategic investors who don’t want to control the company, or use the wallet within a closed group,” he said.In December, ET had reported that the company had received Rs 44 crore, in a mix of debt and equity from its existing investors, Sequoia Capital and Tree Line Asia, as part of its $25 million Series-B round, announced in April 2015.This was after media reports, which quoted MobiKwik senior executives, emerged in which senior executives stated that the company was looking to raise between $80 million and $100 million. Singh was reported as saying that MobiKwik would look to dilute a 25% stake at a valuation of $400 million.According to a statement released by GMO Payment Gateway, the company has made the investment through GMO Global Payment Fund, a $15-million fund, backed by major financial institutions, including, credit card issuers and acquiring banks, and which targets investment opportunities among payments companies throughout Asia, with a strong focus on South East Asia.“…The use of mobile wallets, which enable payments for purchases at online shops, utilities, and physical stores through the use of a smartphone or other type of mobile phone, is becoming a standard alternative method of payment to cash, and the size of this market is expected to grow to $6.6 billion by 2020,” the comply-issued statement said. MobiKwikis targeting profitability by mid-2015, according to earlier media reports.