Mobikon raises $12.5 mn funding led by Binny Bansal

Mobikon raises $12.5 mn funding led by Binny Bansal

Mobikon, which provides software platforms for restaurants, on Friday announced a fund raise of USD 12.5 million in a round led by Flipkart co-founder Binny Bansal.

The funds will be used for expansion activities in newer areas and increasing market share in existing ones, Samir Khadepaun, the founder and chief executive of the six- year old company said.

The company, which started as a customers engagement platform for restaurants now operates in five countries and has 6,000 customers as 360-degree data exchange platform now.

"Mobikon has posted a stellar growth rate in customer acquisition in the last few months, along with demonstrated improvement in key business metrics of the portfolio restaurants," Bansal, who quit as Flipkart's chief executive amid allegations of personal misconduct last year, said.

He added that the company is looking at expansion into Australia and further into South East Asia.

Bansal will also sit on the board of the company, a statement said.

The company is serving both restaurants as well as banks, financial technology companies and point of sale service providers.

"Our objective is to accelerate the value creation for restaurants beyond discounting by using Data Insights and open API platform which will network and channelise the entire eco-system around restaurants," Khadepaun said.