|Industry||Digital wallets / E-commerce payment system|
|Founder||Bipin Preet Singh, Upasana Taku|
|Services||Mobile and online payments, phone and DTH recharges, money transfers, shopping|
|Parent||One MobiKwik Systems Private Limited|
MobiKwik is an Indian company founded in 2009 that provides a mobile phone based payment system and digital wallet. Customers add money to an online wallet that can be used for payments. In 2013 the Reserve Bank of India authorized the company's use of the MobiKwik wallet, and in May 2016 the company began providing small loans to consumers as part of its service. The company launched its MobiKwik Lite mobile app in November 2016, designed for users of older 2G mobile networks and for those in areas with poor internet connectivity. In November 2016, the company reported having 1.5 million merchants using its service and a user base of 55 million customers.
MobiKwik was founded in 2009 by husband and wife team Bipin Preet Singh and Upasana Taku. Singh, a 2002 graduate of IIT Delhi, saw an opportunity to improve mobile recharge options. He seeded the company with USD$250 thousand of his own money, developed the website and payment options, and rented office space in Dwarka, Delhi. The initial service was a website with a closed wallet facility, but over the years, MobiKwik extended their service to mobile apps. The company initially partnered with online merchants to make their wallet available as a payment option on e-commerce sites.
MobiKwik launched an e-wallet system in 2012 that enabled users to deposit money online to use for bill payments and other features. In September 2014, Express Computer reported how MobiKwik was partnering with GoDaddy and other international companies to help them comply with Indian payment regulations. In June 2017, 80 percent of India's mobile wallet transactions market was performed by Paytm, ITZCash and Mobikwik. In March 2017, MobiKwik's largest competitor was Paytm.
In April 2015, MobiKwik was used by 15 million users and claimed to be adding one million new customers every month, according to Forbes India Magazine. In a partnership with CashCare, MobiKwik began providing small loans between 500–2,500 Indian rupees to customers in May 2016. In November 2016, MobiKwik had over 1.5 million merchants using its service and 55 million users.
In February 2017, the company announced plans to invest approximately USD$45 million to expand its user base from 50 million to 150 million users in 2017.
MobiKwik wallet is a semi closed wallet authorized in 2013 by the Reserve Bank of India (RBI). The RBI license allows the company to create marketplaces where customers can purchase goods and services from third party vendors, avoiding the reportedly high failure rates of payment gateway transactions in India.
In November 2016, MobiKwik launched its MobiKwik Lite mobile app aimed at users in poor internet connectivity regions and consumers using older 2G cellular networks. On November 8, 2017, IDFC Bank entered into a strategic partnership with digital payments solution company MobiKwik to launch a co-branded virtual Visa prepaid card for customers of MobiKwik.
In 2013, after founder Singh's initial $250k seed investment, MobiKwik raised $5 million in Series A funding from an unnamed US-based VC firm. In 2015, Series B rounds from Singaporean investment firm Tree Line Asia and American firm Sequoia Capital, with participation from US technology company Cisco Systems and financial services company American Express raised an additional USD$31 million. In May 2016, the company announced a $50 million Series C round, led by Japanese Internet company GMO Internet, and Taiwanese semiconductor firm MediaTek, along with investors including Sequoia and Treeline Asia, bringing company funding to date to more than $80 million.
On June 19, 2017, Medianama reported that Mobikwik had confirmed to them that they had raised $150 million at a valuation of $1 billion from undisclosed investors.
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