Mobikwik - Online Recharge and Bill Payment made Easy!

Using a Mobile Wallet has now turned out to be a habit of many. Easy hassle-free payment and no worries about hunting for change every time you purchase something probably is a major benefit of using a mobile wallet. While today many international players are providing mobile wallet services in India, MobiKwik is one of the pioneer Indian mobile wallet companies, that despite much competition has carved a niche for itself.

This write-up is all about the journey and functioning of this successful Indian startup - MobiKwik, which was started with the sole goal of making payments very easy and fun for every Indian.

MobiKwik - Company Highlights

Startup Name MobiKwik
Headquarter Gurgaon
Sector Digital Wallet, Fintech
Founders Bipin Preet Singh & Upasana Taku
Founded 2009
Parent Organization One MobiKwik Systems Private Limited
Website mobikwik.com

About MobiKwik and How it Works
Mobikwik took down from Play Store
Founders of MobiKwik and team
How was MobiKwik Started
MobiKwik - Business Model and Revenue Model
MobiKwik - Awards
MobiKwik - Funding and Investors
MobiKwik - Partnership and Tie-ups
MobiKwik - Competitors
MobiKwik - Growth and Revenue
MobiKwik - FAQs


List of Best Emerging Fintech Startups in India | Fintech Companies in India
Fintech [/tag/fintech-startup/] [/tag/fintech/], which is short for financial technology, has become a crucial part of the world. In the old days, all the financial work was done through the paperwork only, as it was considered as the safest mode. But with the development of technology, internet is …

About MobiKwik and How it Works

To make personal wallets redundant, MobiKwik is one of the largest mobile wallets in India. It allows Indian consumers to store money in a virtual wallet and then to use it across channels (mobile, desktop, tab, SMS, IVR) to pay utility bills and shop using a wallet with registered merchants.

For example, as a user, you could use it to recharge your mobile via its Android/iOS/BB/Windows App, or use it to 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 the 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 107 million users, 3 million merchants, and 200+ billers on its platform.

MobiKwik is super-safe. 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 it is operational on. These are Android, Windows, and iOS. All services of the app are also available via a desktop site and a mobile site. Besides, its simple UI is designed to give users a smooth experience.

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 many more. It received the coveted Prepaid Payment Instrument license from the Reserve Bank of India on 18 July 2013. The company has also received in-principle approval from the RBI to set up a Bharat Bill Payments Operating Unit (BBPOU), thereby enabling users from across all parts of India, urban and rural, to pay their utility and convenience bills through the MobiKwik wallet.

The initial service provided by the startup was a website with a closed wallet facility, but over the years, MobiKwik extended its service to mobile apps. Today it has transformed itself into a full-stack fintech company. One can do bank transfers, and can also take loans. The company has tie-ups with NBFCs like Bajaj Finance, Aditya Birla, and DMI Finance.

As for loans, it has many options like an instant 3-minute loan, a credit line, and a term loan. It has also tied up with ICICI Lombard for accidental insurance, and also offers several other insurance products like Online fraud protection, dengue insurance, hospital cash, etc to name a few.

MobiKwik-Logo
Mobikwik Logo

MobiKwik took down from Google Play Store

UPI payment and wallet platform MobiKwik was taken down from Play Store on May 28 for violating Google's ad policies. The app was restored after a few hours after the contentious ad was removed. MobiKwik owner and CEO Bipin Preet Singh said in a tweet that it was done because the app had an ad linking to the Aarogya Setu app.

Mobikwik had the ad as they were asked to by the regulator Reserve Bank of India and also as it’s in public health interest, Singh said.

Singh said that a week ago Google had warned them for promoting Aarogya Setu app on its platform and termed it as deceptive. However, when they contacted Google, they said it was a mistake.

Founders of MobiKwik and team

Bipin Preet Singh and Upasana Taku are the founders of MobiKwik.

Founders of MobiKwik
Bipin Preet Singh and Upasana Taku

Bipin Preet Singh - Founder and CEO at MobiKwik, Bipin has worn several hats – 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 starting up. He has dabbled in advertising as a Partner with Star Auto and in civic advocacy as a volunteer with Janagraaha.

Upasana Taku - Upasana, MobiKwik owner, comes with a strong payment background as a senior product manager with PayPal (an eBay company) in Silicon Valley and before that with HSBC at San Diego. She graduated with a Bachelor's in Engineering from NIT Jalandhar and a Masters in Management Science from Stanford University.

How was MobiKwik Started

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 $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 its service to mobile apps. The company launched its android app in 2012.

MobiKwik - Business Model and 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

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.

MobiKwik - Funding and Investors

MobiKwik has raised a total of $149.3M in funding over 12 rounds. Their latest funding was raised on Mar 23, 2020 from a Debt Financing round.

Here is a list of all the funding rounds of MobiKwik:

Date Stage Amount Investors
September 2010 Seed $500K -
March 2014 Series A $2.5 Million Sequoia Capital India
April 2015 Series B $25 Million Tree Line Asia, American Express Ventures
May 2016 Series C $50 Million Sequoia Capital India, GMO VenturePartner, MediaTek, Net1 UEPS Technologies, Inc. & Tree Line Asia
August 2017 Series D $35.4 Million Bajaj Finserv Limited
December 2018 Series E $3.38 Million Sequoia Capital India, GMO VenturePartners & Net1 UEPS Technologies, Inc.
January, 2019 Venture Round - InnoVen Capital
March 2019 Venture Round $0.32 Million Cisco Directors Gaurav Manglik & Tianying Fu
July 2019 Venture Round $1.3 Million NDTV Limited & Trifecta Capital
March 2020 Venture Round $30 Million -

The latest round values MobiKwik at an estimated $414 million, 31% higher than the fair market valuation it secured in the preceding round.

MobiKwik - Partnership and Tie-ups

The company 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 to launch a co-branded virtual Visa prepaid card for the customers.

In June 2019, MobiKwik announced a partnership with DT One. DT One is a global B2B network for mobile top-ups/recharge, rewards, and airtime credit services. This partnership will enable the startup to offer mobile recharge in 150+ countries across more than 550 mobile operators.

BookMyShow, Café Coffee Day, Sagar Ratna, 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.

The company initially partnered with online merchants to make their wallets available as a payment option on e-commerce sites. Slowly, TV recharge and other utility bill payments were added.

MobiKwik - Competitors

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, it has a strong focus on the wallet, while Alipay-backed Paytm is following a horizontal approach and has forayed into B2C marketplace.

MobiKwik - Growth and Revenue

On June 10, 2019, MobiKwik reported a 5 times year-on-year growth to Rs. 362 crore in the gross transaction value of the IMPS (Immediate Payment Service) fund transfer business. With 6.7 lakh transactions during May 2019, it is targeting Rs 10,000 crore worth of transfers, till the end of FY 2020. As per National Payments Corporation of India, MobiKwik has 26 percent share of the entire IMPS transfer market in India.

In FY19, MobiKwik's revenue stood at Rs 184.6 crore, while it stood at Rs 69.6 crore in FY18.

In FY20, The net revenue of MobiKwik surged 134% to Rs. 379 crore.

"This is the third consecutive year where we have demonstrated higher than 100 per cent growth. Our cash loss has reduced 91 per cent, last year on a revenue of Rs 162 crore, we had lost in cash Rs 98 crore, versus this year's revenue of Rs 379 crore, we have lost only Rs 9 crore in cash" Says Upasana Taku, Co-founder & COO, Mobikwik

MobiKwik, has a team of 325 employees who operates in 3 major segments- Consumer Payments, Fintech (Credit, mutual funds, etc), and Payment Gateway. In FY20, consumer payments accounted for 63 % of the net revenue, Fintech for 25 % and Payment Gateway for 12% of total net revenue.

MobiKwik's merchant-facing Payment Gateway Business (via its subsidiary Zaakpay) registered net revenue of Rs 190 crore in FY20, compared to Rs 101 crore in FY19 on a standalone basis.

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 it 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. One can also earn money through the app by referring a friend on the platform. With the company venturing into new verticals, and having acquired a huge user base, MobiKwik is surely here to stay. The company too has exciting plans for the future.  

As revealed by co-founder Upashana Taku, MobiKwik is eyeing to launch IPO by 2022.

MobiKwik - FAQs

What is MobiKwik Wallet?

Mobikwik wallet is an Online payment wallet system where a person after logging in, Can add money via his Debit or credit card. After adding the money! He or she can make transactions on Mobile, DTH, Data card recharge, Pay Electricity Bills, and more.

MobiKwik is from which country?

MobiKwik is an Indian company founded in 2009 that provides a mobile phone-based payment system and digital wallet.

Who are the Founders of MobiKwik?

MobiKwik was founded in 2009 by husband and wife team Bipin Preet Singh and Upasana Taku.

Who are the competitors of MobiKwik?

MobiKwik’s competitors are Paytm, Freecharge, Google Pay (earlier Tez), and PhonePe.

What is MobiKwik's valuation?

According to an independent valuation report filed by the company with the Ministry of Corporate Affairs, MobiKwik was valued at $313.8 million as of December 31, 2019.

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About Rishabh Rathi

Pre-Final Year Computer Science Undergrad and a freelancer. Connect with me on LinkedIn - https://www.linkedin.com/in/rishabhrathi22/
  • Nagpur
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