MobiKwik to invest Rs 300 crore to expand network, grow user base, launch financial services

Highlights:

1. The investment of Rs 300 crore will be deployed in loyalty initiatives, expanding  its reach and network, and launching other financial services such as loans and investments on its platform

2. MobiKwik aims to increase the number of its users from the present 50 million to 150 million by the end of 2017

3. MobiKwik said increase in its user base will also increase its annual GMV from the current $2 billion to $10 billion by the end of 2017

With an aim to expand its network and increase its user base in India, homegrown mobile wallet company MobiKwik announced to invest Rs 300 crore in 2017.

The country's mobile wallet firm has aimed to grow its user base from the present 50 million to 150 million by the end of the current year. 

"The increase in user base will also increase MobiKwik’s annual Gross Merchandise Value (GMV) to $10 billion (nearly Rs 66,527.5 crore) by the end of the year from the current $2 billion (nearly Rs 13,305.5 crore)," MobiKwik said in a press release on Thursday.

ALSO READ: MobiKwik targets Rs 600 crore GMV from oil and gas sector in 2017 

Commenting on its latest investment announcement, MobiKwik's co-founder Upasana Taku, said in a statement, "We aim to increase the number of our users to 150 million by the end of this year, targeting $10 billion gross merchandise value (GMV). The investment of Rs 300 crore will be deployed in loyalty initiatives, expanding our reach and network, and launching other financial services such as loans and investments on our platform."  

Moreover, to promote digital payments among organised and unorganised retail sectors, the company will also launch a loyalty initiavtive 'SUPERCASH'  which will provide benefits to users on every transaction.

“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.” MobiKwik vice president for growth Daman Soni, said in a statement.  

Under its 'SUPERCASH' initiative, users can earn reward points at all MobiKwik merchants, including their local mom and pop stores, cited the company in a release.  

It had recently announced setting up offices in 13 cities by the first quarter of 2017.

MobiKwik was founded by Bipin Preet Singh and Upasana Taku in 2009. Companies like Sequoia Capital, American Express, Tree Line Asia, MediaTek, GMO Payment Gateway, among others are investors in MobiKwik. 

It currently powers payments for IRCTC, NHAI, Meru Cabs, Big Bazaar, MakeMyTrip, OYO Rooms, Zomato, PVR, Archies, WHSmith India, BookMyShow, etc., 

ALSO READ: MobiKwik registers 10 times growth in oil, gas sector