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Company typePrivate
IndustryFinancial technology
FoundedApril 2009; 15 years ago (2009-04)
  • Bipin Preet Singh
  • Upasana Taku
HeadquartersGurgaon, Haryana, India
Area served
ParentOne MobiKwik Systems Private Limited

MobiKwik is an Indian payment service provider founded in 2009 that provides a mobile phone-based payment system and digital wallet.[2][3] Customers can 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,[4] and in May 2016 the company began providing small loans to consumers as part of its service.[5]

In November 2016, the company reported having 1.5 million merchants using its service and a user base of 55 million customers.[6][7][8] The company employs over 325 people, operating in three segments including consumer payments, fintech, and payment gateway.[9]

Recently, Mobikiwik suspended its e-wallet services from all major crypto exchanges in India from 1 April 2022.[10]


MobiKwik founder Bipin Singh (second from right) at the 2016 Rise Conference

MobiKwik was founded in 2009[11] by husband and wife team Bipin Preet Singh and Upasana Taku.[2][12] Singh, a 2002 graduate of IIT Delhi, saw an opportunity to improve mobile recharge options. He seeded the company, developed the website and payment options, and rented office space in Dwarka, Delhi.[13] The initial service was a website with a closed wallet facility, but over the years, MobiKwik extended their service to mobile apps.[14] The company initially partnered with online merchants to make their wallet available as a payment option on e-commerce sites.[15]

MobiKwik launched a digital wallet system in 2012 that enabled users to deposit money online to use for bill payments and other features.[13] MobiKwik provides financial services including loan, accident insurance, life insurance, fire insurance, IMPS money transfer, credit card bill payment, mutual funds, and DTH recharge.[16][17][18][19][20][21][22] They also introduced the feature of sending and receiving money via a mobile app.[23] In September 2014, Express Computer reported how MobiKwik was partnering with GoDaddy and other international companies to help them comply with Indian payment regulations.[24]

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.[3] In a partnership with CashCare, MobiKwik began providing small loans between ₹500–₹2,500 to customers in May 2016.[25][26] 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.[27] In the same month, MobiKwik had over 1.5 million merchants using its service and 55 million users.[6][8] Following the 2016 Indian banknote demonetisation in November 2016, MobiKwik realized a 400% increase in financial transactions using the service by late December 2016.[28] In February 2017, the company announced plans to invest approximately $45 million to expand its user base from 50 million to 150 million users in 2017.[7] In June 2017, 80 percent of India's mobile wallet transactions market was performed by Paytm and Mobikwik.[8] In 2019, MobiKwik announced a new partnership with DT One to expand their service internationally.[29] Also in 2019, the company began offering loans, insurance and investment advice.[29]

On 25 February 2021, an Indian security researcher named Rajshekhar Rajaharia claimed that a hacker group called Jordandaven stole the KYC details of nearly 100 million MobiKwik users from a company server and put them up for sale on the dark web.[30] On 4 March 2021, company denied the claim and said it would take legal action against the researcher. Later, multiple independent researchers and users confirmed that their Mobikwik data was available online,[31] and on 30 March 2021, TechCrunch reported that company was hiring a third-party to conduct a forensic data security audit.[32]


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.[citation needed] In 2015, Series B rounds from Chinese 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 $31 million.[33] 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.[34]

On 19 June 2017, Medianama reported that Mobikwik had confirmed to them that they had raised $150 million at a valuation of $1 billion from undisclosed investors.[35]

On 3 August 2017, Bajaj Finance picked up 10.83% stake in MobiKwik for ₹225 crores.[36] The Abu Dhabi Investment Authority purchased a 2.7% stake in MobiKwik for $20 million in June 2021.[37]

On 21 July 2021, MobiKwik filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) to raise 1,900 crore (US$240 million) through an initial public offering (IPO).[38] The Economic Times reported that MobiKwik had reached a valuation of $1 billion in October 2021, following a secondary employee stock ownership sale led by former Blackstone India chief Mathew Cyriac.[39] MobiKwik received approval from SEBI in October and planned to launch its IPO on 4 November. On 23 November 2021, The Economic Times reported that the company was considering postponing its IPO to 2022 because it was facing difficulties finding foreign institutional investors at the desired valuation.

MobiKwik wallet[edit]

MobiKwik wallet is a semi closed wallet authorized in 2013 by the Reserve Bank of India (RBI).[2][40][41] 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.[41]


MobiKwik payment gateway partnered with Uber in July 2015, which enabled Uber and its drivers to utilize MobiKwik to process debit and credit card payments.[42]

In February 2020, MobiKwik partnered with Google for its mobile recharge search feature launched for Indian users and allows them to do recharge with Google search. The company had also built biller stack for e-commerce companies to integrate bill payments category into their mobile apps.[43]

Mobile app[edit]

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.[44][28][45][46] On 8 November 2017, IDFC First 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. On 28 May 2020, Mobikwik was removed from Google Play Store because it had a link to Aarogya Setu.[47]


  1. ^ Mishra, Digbijay; Manikandan, Ashwin. "Mobikwik files DRHP to raise Rs 1,900 crore via IPO". The Economic Times. Retrieved 24 November 2021.
  2. ^ a b c Kulkarni, Srinivas (19 August 2013). "Mobikwik aims to be India's top mobile wallet". ZDNet. Retrieved 8 June 2017.
  3. ^ a b Hussain, Shabana. "Mobikwik's journey and the path ahead". Forbes India. Retrieved 6 April 2015.
  4. ^ "Reserve Bank of India - Publications". Retrieved 19 July 2020.
  5. ^ "5 digital payment platforms you can use during Coronavirus Lockdown". India Today. 20 April 2020.
  6. ^ a b Srivastav, Taruka (8 June 2017). "Digital Payments, AI and VR will power the Indian economy in future". The Drum. Retrieved 8 June 2017.
  7. ^ a b "MobiKwik to invest Rs 300 cr to expand user base". The Hindu. 23 February 2017. Retrieved 23 February 2017.
  8. ^ a b c Das, Goutam (4 June 2017). "Shrinking wallets". Business Today. Retrieved 8 June 2017.
  9. ^ "MobiKwik net revenue surges 134% to Rs 379 crore in FY20; eyes profits this fiscal". The Economic Times. Retrieved 19 July 2020.
  10. ^ Kumar, Harsh (9 April 2022). "MobiKwik Withdraws E-Wallet Services From Crypto Exchanges, Say Industry Executives". Retrieved 12 April 2022.
  11. ^ "MobiKwik fund transfer business grows 400%". The Economic Times. 10 June 2019. Retrieved 5 May 2020.
  12. ^ Raghunathan, Anu (15 April 2016). "India's MobiKwik Aims To Hit $1 Billion In Revenue, Says Cofounder Upasana Taku". Retrieved 23 February 2017.
  13. ^ a b "Seven successful enterprises by IIT graduates". The Economic Times. 6 May 2013. Retrieved 23 February 2017.
  14. ^ "Mobikwik's journey and the path ahead". Forbes India. 6 April 2015. Retrieved 23 February 2017.
  15. ^ Balanarayan, B T (4 June 2014). "Mobikwik integrates wallet to e-commerce sites". MediaNama. Retrieved 4 June 2014.
  16. ^ "From loans to mutual funds to insurance, MobiKwik aims to tap new markets". Mint. 8 July 2019. Retrieved 9 December 2019.
  17. ^ Bhakta, Pratik (27 September 2016). "Mobikwik crosses one lakh users for its Auto Recharge feature". The Economic Times. Retrieved 9 December 2019.
  18. ^ Dubey, Navneet (6 December 2019). "RBI to introduce new prepaid payment instrument for digital transactions up to Rs 10,000". The Economic Times. Retrieved 9 December 2019.
  19. ^ "Mobikwik, Max Bupa Launch Pocket-Sized Insurance Products Starting at Rs 20". News18. 26 June 2019. Retrieved 9 December 2019.
  20. ^ "IMPS transaction in May rises 5x YoY to Rs 362cr: MobiKwik". Moneycontrol. Retrieved 9 December 2019.
  21. ^ "MobiKwik, Aditya Birla Health Insurance introduce Cancer Protect Cover starting Rs 125". The Economic Times. 2 December 2019. Retrieved 9 December 2019.
  22. ^ "MobiKwik's 'Boost' to offer instant loan in 90 seconds". The Economic Times. 3 October 2018. Retrieved 9 December 2019.
  23. ^ "Recharge, Pay Through E-Wallet MobiKwik's Android app is the highest rated Recharge app on Google Play". Business World. 8 November 2004. Retrieved 23 February 2017.
  24. ^ Chakraborty, Sayan (30 September 2014). "Local mobile wallets MobiKwik, Paytm find many a taker in global names". Express Computer. Retrieved 23 February 2017.
  25. ^ Nair, Vishwanath (2 June 2016). "Is Mobikwik treading on thin ice with 'annual profit' offer?". Mint. Retrieved 8 June 2017.
  26. ^ "Mobikwik wants to add financial services and offline food companies to its wallet". The Economic Times. 20 May 2016. Retrieved 8 June 2017.
  27. ^ Srivats, K. R. (28 November 2016). "MobiKwik launches MobiKwik 'Lite'". Business Line. Retrieved 19 July 2020.
  28. ^ a b "MobiKwik sees 400% rise in transactions post demonetisation". The Indian Express. 27 December 2016. Retrieved 8 June 2017.
  29. ^ a b "India's payments firm MobiKwik kick-starts its international ambitions with cross-border mobile top-ups". TechCrunch. 17 June 2019. Retrieved 28 January 2020.
  30. ^ "Data of 10 crore Mobikwik users for sale on dark web, say cybersecurity experts". The Economic Times. 30 March 2021. Retrieved 31 March 2021.
  31. ^ "MobiKwik Denies Alleged User Data Leak on Dark Web". NDTV. No. 30 March 2021. Retrieved 31 March 2021.
  32. ^ "MobiKwik investigating data breach after 100M user records found online". TechCrunch. No. 30 March 2021. Retrieved 31 March 2021.
  33. ^ Aggarwal, Varun. "Cisco, Amex & Treeline invest $ 25 million in Mobikwik". The Economic Times. Retrieved 8 April 2015.
  34. ^ Russell, Jon (3 May 2016). "India's MobiKwik raises $50M for its mobile wallet service". Techcrunch. Retrieved 23 February 2017.
  35. ^ KJ, Shashidhar (19 June 2017). "MobiKwik confirms it is raising around $150M in the coming months".
  36. ^ "Bajaj Finance Picks Up 10.83% Stakes in MobiKwik for Rs. 225 crores - TechStory". TechStory. 3 August 2017. Retrieved 3 August 2017.
  37. ^ "Mobikwik raises $20 million from ADIA at over $700 million valuation". The Economic Times. Retrieved 24 November 2021.
  38. ^ Mishra, Digbijay; Manikandan, Ashwin (13 July 2021). "Mobikwik files DRHP to raise Rs 1,900 crore via IPO". The Economic Times.
  39. ^ "MobiKwik turns unicorn ahead of IPO". The Economic Times. Retrieved 24 November 2021.
  40. ^ Variyar, Mugdha; Bhakta, Pratik (14 March 2017). "RBI to now open up UPI for digital wallets like Paytm and MobiKwik". The Economic Times. Retrieved 8 June 2017.
  41. ^ a b Pahwa, Nikhil (12 August 2013). "Paytm, Mobikwik Allocated Prepaid Wallet Licenses By RBI; Flipkart?". MediaNama. Retrieved 29 October 2014.
  42. ^ "Uber Partners MobiKwik to Power Credit, Debit Card Payments in India". NDTV. 13 July 2015. Retrieved 8 June 2017.
  43. ^ "MobiKwik's revenue up 133% in FY20 with strong growth in wallet, e-credit card, payment gateway segments". The Financial Express. 15 July 2020. Retrieved 19 July 2020.
  44. ^ "MobiKwik Lite Wallet App Launched for 2G Internet Connections". NDTV. 28 November 2016. Retrieved 28 November 2016.
  45. ^ Sain, Manish (28 November 2016). "Know your e-wallets: Quick intro & comparison of Paytm, Mobikwik, Freecharge and others". India Today. Retrieved 8 June 2017.
  46. ^ Srivastava, Moulishree (12 July 2016). "Mobikwik launches new version of its mobile wallet app". Business Standard. Retrieved 8 June 2017.
  47. ^ Malhotra, Vanshika (29 May 2020). "MobiKwik removed from Google Play Store because it had Aarogya Setu link". Retrieved 27 June 2022.

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