MobiKwik - Recent Updates
With demonetisation coming in, payments have now become mass. And with demand growing so rapidly, mobikwik is looking for rapid expansion. the firm will be investing over Rs 50 crore in setting up 13 new offices to cater to regional requirements and will be hiring over 1,000 employees, pan India, across technical and non-technical requirements to drive its business growth.
It also recently announced receiving the Bharat Bill Payment System that enables the company to become a one-stop destination for pan-India utility and convenience bill payments across sectors.
MobiKwik Wallet has only one goal – make payments very easy and fun for every Indian.
MobiKwik - Introduction
With an aim to make personal wallet redundant, Mobikwik in one of the largest mobile wallet in India. It allows Indian consumers to store money in a virtual wallet and then use it across channels (mobile, desktop, tab, sms, ivr) to pay utility bills and shop using wallet with registered merchants. For example, as a user you could use it to recharge your mobile via MobiKwik Android/iOS/BB/Windows App, or use it buy bus tickets on any popular bus booking website or order and pay for pizza on the phone. It is a prepaid financial instrument approved by Reserve Bank of India.
MobiKwik was founded by Bipin Preet Singh and Upasana Taku in 2009, the Gurugram-based digital wallet claims to have over 55 million users and 1.5 million retailers on its platform. The company has raised a total of $151.9 million in six rounds of funding. Some of its prominent investors include Bajaj Finserv, Brand Capital, American Express, MediaTek and Sequoia Capital. Despite a network of such investors and $150+ million in funding, its revenue stood at paltry $5.5 million (INR 37 Cr) in FY16-17.
MobiKwik ventured out in the offline space and activated mobile payments for brick-and-mortar stores such as Big Bazaar and Domino’s Pizza and claims to have over to 10000 retail stores, and restaurants that accept MobiKwik payments.
MobiKwik- Vision & Mission
MobiKwik was started with the vision of making mobile payments easier for the average Indian user.
MobiKwik - Founders
MobiKwik was founded in 2009 by the husband and wife team of Bipin Preet Singh and Upasana Taku.
Bipin Preet Singh
Founder and CEO at MobiKwik, Bipin has worn several hats at MobiKwik – from writing Java code, to Customer Support and Marketing. He graduated from IIT Delhi in 2002 with a degree in electrical engineering. After graduation he worked at Intel, Nvidia and Freescale Semiconductors for 7 years before startingup. He has dabbled in advertising as a Partner with Star Auto and in civic advocacy as a volunteer with Janagraaha.
Upasana comes with a strong payments background as a senior product manager with PayPal (an eBay company) in Silicon Valley and prior to that with HSBC at San Diego. She graduated with a Bachelors in Engineering from NIT Jalandhar and a Masters in Management Science from Stanford University.
MobiKwik - Initial days
Singh started MobiKwik in 2009 when he was tired of his easy going corporate job and was looking to do something new in life. He wanted to create a simple payment platform for prepaid mobile users to recharge their currency. “Since recharge is a small ticket size transaction, he created a digital wallet where users could keep the money and recharge whenever they wanted.
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 launched its android app in 2012.
MobiKwik- Product and Services
MobiKwik is available for use at more than 2, 50,000 online and offline avenues. Get kwik, hassle-free payments that are super-secure! Use the wallet app to browse the biggest online, retail and fashion stores. Get going now!
MobiKwik is super-safe. Each and every penny stored in your wallet is well accounted for. You can also use the extra in-app security settings available on all mobile platforms MobiKwik is operational on. These are Android, Windows and iOS. All services of MobiKwik are also available via a desktop site and a mobile site.
BookMyShow, Café Coffee Day, Domino's Pizza, Sagar Ratna, Big Bazaar, Pizza Hut, TastyKhana, JustEat, PVR, eBay, Jabong, Snapdeal, Shopclues, HomeShop18, Naaptol, Pepperfry, Fashionara, FashionAndYou, MakeMyTrip, Ferns N Petals, are just some of the many brands associated with MobiKwik.
MobiKwik received the coveted Prepaid Payment Instrument license from the Reserve Bank of India on 18 July, 2013.
MobiKwik - Growth
MobiKwik sees an average transaction size of Rs 700. The company claims to be growing at a steady rate of 20 percent MoM, which Vineet stated was lower than the growth rate during demonetisation.
On 9th May, 2017, MobiKwik announced that it has close to 55 million consumers transacting on its platform, with a base of 15 lakh active merchants across categories.
The numbers were released by the company on the sidelines of a press conference that was held to announce MobiKwik’s partnership with Bangalore One, the Karnataka government’s application for the facilitation of government-citizen engagement. The partnership will now allow citizens to make digital payments for government taxes and utility bills, while also applying for driving licences and filing income-tax returns on the MobiKwik app.
Mobikwik- Business & Revenue Model
The business & revenue models currently comes from thin spreads between deposit rates and investments in government paper below one year, and fee-based incomes by cross-selling insurance and mutual fund products.
Mobikwik- Awards and Recognition
In 2014, MobiKwik won the mBillionth Award South Asia in the category of Mobile Business, for socially valuable contributions to South Asia's digital infrastructure.
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.
On 3rd August 2017, Bajaj Finance picked up 10.83% stake in MobiKwik for Rs. 225 crores. The exchange filings from Bajaj Finance Ltd said that under the subscription agreement with One MobiKwik Systems Pvt Ltd it will acquire 10 equity shares and 271,050 compulsory convertible preference shares (CCPS).
Mobikwik - Product
India's payments market is fragmented with some 60 odd banks for internet banking, multiple levels of authentication on debit and credit cards and a generally complicated electronic payment experience for the consumer. MobiKwik Wallet simplifies all that with a 1-click Payment flow on your phone, tablet or computer which works the same way every time. As a user, you just need to trust MobiKwik with your money and then you can shop on any merchant without disclosing your bank or card details. And of course, get exclusive discounts and offers every time you shop using the wallet.
Mobikwik UI is so simple everyone can use it some times the recharge done under a weaker signal in Paytm may he failed but mobikwik works excellent in weaker signals too. The recharge done on mobikwik done in 5 to 10 seconds
MobiKwik- Technology Stack
Java is used on mobikwik's main website, a combination of struts, spring & hibernate and backbone.js at frontend. Mysql,postgres and redis for data storage.django is used to build interfaces for merchants and staff users.
Mobikwik - Team
Bikram is business head and senior director at Mobikwik. before that he was working at Citibank doing various P&L and revenue roles.
Mrinal is the Chief Operating Officer of MobiKwik. Mrinal leads growth and strategy at MobiKwik. His charter is looking for expansion opportunities via strategic partnerships and kick-starting new revenue lines within the company. He is often found buzzing with new ideas.
He has over 11 years of work experience, and prior to MobiKwik, he had co-founded Brattle Foods and earlier worked at companies like EMC Corporation, ICICI Ventures and McKinsey && Company. He holds a dual degree (Master's and Bachelor's in Technology) from IIT and MBA from Harvard Business School.
Mobikwik- Partnership and Tie-ups
MobiKwik payment gateway partnered with Uber India in July 2015, which enabled Uber and its drivers to utilize MobiKwik to process debit and credit card payments.
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.
The company initially partnered with online merchants to make their wallet available as a payment option on e-commerce sites. Slowly, TV recharge and other utility bill payments were added by MobiKwik.
MobiKwik’s main competitors are Paytm, Freecharge, Google Pay (earlier Tez) and PhonePe. On the wallet front it rubs shoulders with Paytm, which has over 60 million wallet users. However, MobiKwik has a strong focus on the wallet, while Alipay-backed Paytm is following a horizontal approach and has forayed into B2C marketplace.