Net1 to invest up to $40 million in India's MobiKwik over 2 years

August 26, 2016 5:00 AM EDT

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MUMBAI (Reuters) - Payment services provider Net1 UEPS Technologies Inc will invest up to $40 million in Indian mobile wallet services provider MobiKwik over the next 24 months, the companies said in a joint statement on Friday.

MobiKwik had previously raised three rounds of funding from investors including Sequoia Capital, American Express, MediaTeK and Cisco Investments, according to the statement.

(Reporting by Devidutta Tripathy; Editing by Subhranshu Sahu)

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