MobiKwik Invests Rs 2 Cr in Data Science Startup Pivotchain Solutions
In a bid to further strengthen its fintech portfolio, digital payments firm MobiKwik today announced a strategic investment of Rs. 2 crores in Pune based data science company, Pivotchain Solutions.
Founded in February 2017 by Deepak Rao and Yogendra Pratap Singh, Pivotchain is a Predictive Analytics company with expertise in Machine Learning & Artificial Intelligence. It has built exclusive AI and deep learning models for Mobikwik. These models will be instrumental for MobiKwik as it rolls out lending products to address the credit requirements of its user base.
Speaking on the strategic investment, Bipin Preet Singh, Founder and CEO, MobiKwik, said, “MobiKwik is transforming from a leading digital payments player, to India’s largest digital financial services platform. Delivering high quality fintech products will require immense focus on data, and an in-depth understanding of the user requirements, across categories. Pivotchain is doing incredible work in alternate data scoring, predictive modeling & risk management and this investment will give us an edge over competition. We will continue to invest in companies that can add value to our business.”
“We are glad to be part of MobiKwik family. MobiKwik has been a flag bearer in the payments industry and we look forward to working with MobiKwik and deliver the right lending solution across the user base”, said Deepak Rao, Founder and CEO, Pivotchain Solutions.
Founded in 2009 by the husband-wife duo Bipin Preet Singh and Upasana Taku, MobiKwik claims to have a network of over 3 million direct merchants and 107 million users. It has raised about $115 million in total funds so far from Sequoia Capital, Net1, Tree Line Asia, Cisco Investments, American Express and MediaTek.
It competes with the likes of Paytm and Axis Bank-owned FreeCharge. The company has offices in New Delhi, Mumbai, Bangalore, Pune and Kolkata.
In the past two months, MobiKwik has lost a slew of top-level executives including Daman Soni who was heading marketing and growth at digital payments entity, quit the company last week and its Chief Business officer Vineet Singh had quit in April.
