New Delhi, (IANS) Mobile payments network MobiKwik on Tuesday said it had received $50 million investment from Japan’s payment gateway GMO and semiconductor company Mediatek.

The latest round of funding will be used for rapid product innovation, ramping up the team and user growth, MobiKwik said in a statement here.

“We are very excited to live up to the investors’ expectations and raise the funding,” MobiKwik Founder and CEO Bipin Preet Singh said.

MobiKwik’s existing investors include Sequoia Capital and Treeline Asia.

MobiKwik’s GMV (gross merchandise value) has grown by 250 percent year on year for the last four years, the company said.