Gurgaon based mobile wallet company
MobiKwik has raised $50 million funding from a Japanese payments company, GMO Payment Gateway and a Taiwan based semi-conductor company, MediaTek. The company raised funding in Series C round. The existing investors such as Sequoia Capital and Treeline Asia have also participated in the current round.
Following the latest round of funding, the company will use the proceeds for rapid product innovation, ramping up the team and user growth.
“We are very excited to live up to the investors’ expectations and raise the funding” says Bipin Preet Singh, Founder & CEO, MobiKwik.
MobiKwik’s growth has been promising as the company’s GMV has grown significantly by 250 percent year on year for the last 4 years.
Bipin added, “MobiKwik is a dominating player in the Indian mobile payments space and continues its consistent growth trajectory while staying true to its DNA of rapid product innovation and capital efficiency. Our valuation too has significantly increased.”
MobiKwik is connecting 30 million users with 75,000 retailers. It enables users to discover retailers (brick-and-mortar stores, eCom websites, m-com apps, billers, telcos) and then start paying them with 1-tap.
The company is powering payments for IRCTC, Uber, Meru Cabs, Shuttl, Big Bazaar, OYO Rooms, Zomato, Barista, PVR, Archies, WHSmith India, BookMyShow, Grofers, Big Basket, Domino's, Pizza Hut, eBay, ShopClues, Myntra, Jabong, Pepperfry, Star Sports, GoDaddy, MakeMyTrip, Cleartrip, and Yatra. The company has raised close to $30 million in funding till now from Sequoia Capital, American Express, Tree Line Asia, and Cisco Investments.
With MobiKwik, users load money into the wallet once using cash, loyalty points, debit card, credit card, and net banking to make secure 1-tap payments for online or offline purchases. Most MobiKwik users make 10-12 purchases every month using their wallet balance across diverse use cases such as recharge, bills, food, grocery, travel & cabs, shopping, entertainment, etc. Users also transfer money to wallets and bank accounts of friends and family using MobiKwik. Users today enjoy MobiKwik wallet services on Android, Windows, and iOS mobile applications and on the company website.
The company’s goal is to empower 150 million Indians to pay $5 billion digitally to 500,000 retailers.
MobiKwik which processes half a million transactions every day through its platform, failed to receive the payments bank licence from the Reserve Bank of India.
PayTm which received the payments bank licence from the Reserve Bank of India last year, has joined hands with Wipro Limited, a leading global information technology, consulting and business process services company, to create the requisite technology infrastructure for its upcoming Payments Bank business. Payment banks can accept demand deposits and savings bank deposits from individuals and small businesses, up to a maximum of Rs 1 lakh per account. Non-resident Indians cannot bank with these ventures, which also cannot disburse loans.
