Online Payment and digital wallet company MobiKwik has announced an investment of Rs 300 Crore for its development and to increase user base experience. The firm is in talking with multiple investors to raise the funds. The funds will be used to increase its user’s database from 50 Million to 150 Million and to increase annual Gross Merchandise Value (GMV) to $10 billion by end of the year from the current $2 billion by the end of 2017.
MobiKwik investors include American Express Ventures, CISCO Investments, GMO Venture Park, Mediatek, Net1, Sequoia Capital, Treeline Asia and clutch of angel investors. The total equity funding of the company is about $126.85 Million, which took place in 6 rounds.
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. A majority of the Rs 300 crore investments planned will go towards loyalty initiatives, while the remaining will be spent on expanding the reach of the platform and network for merchants as well as launching more financial services.”
To add more features, MobiKwik is launching ‘Super cash’ a loyalty initiative that provides benefits in digital payments on every transaction. It provides bonus points and discounts on every single transaction for the users. The update for ‘Super cash’ will roll out from next week.
The newly appointed Vice president 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 evolve a user’s relationship with MobiKwik and develop a deeper association as the user benefits from every transaction made on our platform.”
Post demonetization, usage of mobile wallets has been tremendously increased. The company added 1.3 million merchants and 15 million users in the period. Besides, MobiKwik is setting up offices across the country and plans to be present in 13 cities by the end of the first quarter of 2017.
Instead of having heavy competitors like Paytm, FreeCharge, Oxygen wallet, and many others, MobiKwik manages to find the working module in the industry and had seen a surge in its users. Read more about MobiKwik.