Mobile wallet major
MobiKwik announced an investment of Rs 300 crore for expansion aimed at growing its user base from current 50 million to 150 million in 2017. The increase in user base will also catapult MobiKwik’s annual Gross Merchandise Value (GMV) to $10 billion by end of the year from the current $2 billion.
For their business growth, MobiKwik is also launching SUPERCASH, a loyalty initiative that aims to promote digital payments among its users and promises benefits on every transaction. Under the initiative, users can earn reward points at all MobiKwik merchants, including their local mom and pop stores. Additionally the user saves money every time he transacts on Mobikwik.
Upasana Taku, Co-Founder of MobiKwik said, “We aim to increase the number of our users to 150 million by the end of this year, targeting $10 billion GMV. The investment of Rs. 300 crores will be deployed in loyalty initiatives, expanding our reach & network, and launching other financial services such as loans & investments on our platform.”
MobiKwik had recently announced setting up offices in 13 cities by the end of Q1 2017 and is in its hiring spree to drive business growth. The company currently has over 1.4 million merchants on its network and aims to grow the base to over 5 million by year end.
Vice President for Growth at MobiKwik, Daman Soni said, “Indian consumers are value conscious, like to save money on every transaction and are taking to digital payments in a big way. Supercash will therefore evolve a user’s relationship with MobiKwik and develop a deeper association as the user benefits on every transaction made on our platform.”
Mobile wallets have seen tremendous growth in the past 3 months. With merchants and users experiencing the benefits of digital transactions with wallets, building loyalty as a key feature in the wallet will enable Mobikwik to create an engaged user base. The company added 1.3 million merchants and 15 million users post demonetization.
BW Reporters
Soumya is a young writer and journalist, with bachelors in Multimedia and Mass Communication. She is an alumini of the Asian College of Journalism, and finds politics and sustainability intriguing beats to work with.
