MobiKwik - Online Recharge and Bill Payment made Easy!

Shubham Kumar Shubham Kumar Rishabh Rathi Rishabh Rathi
Oct 14, 2021 13 min read
MobiKwik - Online Recharge and Bill Payment made Easy!

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by MobiKwik.

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.

MobiKwik has a unicorn valuation and is aiming to go public before Diwali 2021 at a valuation between $1.5 - $1.7 billion.

This article 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
Headquarters Gurgaon
Origin Country India
Industry Digital Wallet, Fintech
Founders Bipin Preet Singh, Upasana Taku and Chandan Joshi
Founded 2009
Revenue $5.1 million (FY20)
Valuation $1 billion+ (October 2021)
Total Funding ~ $165.5 Mn
Parent Organization One MobiKwik Systems Private Limited
Website mobikwik.com

MobiKwik - Latest News
MobiKwik - About and How it Works?
MobiKwik - Founders and Team
MobiKwik - Startup Story
MobiKwik - Business Model and Revenue Model
MobiKwik - Funding and Investors
MobiKwik - Partnership and Tie-ups
MobiKwik - Growth and Revenue
MobiKwik - Awards
MobiKwik - Competitors
MobiKwik - FAQs


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MobiKwik - Latest News

12 October 2021 - MobiKwik turns unicorn after a secondary ESOP sale round led Mathew Cyriac, the former chief of Blackstone India.

8 October 2021 - MobiKwik has got approval from SEBI and is eyeing its upcoming Rs 1,900 crores IPO before Diwali.

9 June, 2021 - MobiKwik successfully raised around $20 Million in a fresh investment round led by the Abu Dhabi Investment Authority (ADIA). This latest round of funding that the company received came within two months of the previous fundraise and has valued the Fintech company at $736 million, which is a 47% jump within just two months.

30 March, 2021 - Being the biggest data leak in Indian history, independent cybersecurity researchers have found that the personal data of over 10 crore customers of MobiKwik is available for sale on the dark web. However, MobiKwik is denying the alleged data leak and is intended to get a third party to conduct a forensic data security audit to provide clarity on the matter.

22 March, 2021 - Mobikwik plans to go for IPO (Initial Public Offering) by September 2021. It is reportedly planning to raise $200Mn-$250Mn at a valuation of $1Bn in this initial offer.

15 September 2020 - MobiKwik promotes Chandan Joshi as the company's co-founder. Joshi had served the company as its Senior Vice-President for the last 2.5 years. ย 

28 May, 2020 - UPI payment and wallet platform MobiKwik was taken down from Play Store 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 itโ€™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.

about Mobikwik

MobiKwik - About 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 Dominoโ€™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.

MobiKwik-Logo
Mobikwik Logo

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 - Founders and Team

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

Mobikwik Owners
Bipin Preet Singh and Upasana Taku - Mobikwik Founders

Bipin Preet Singh - Founder and CEO at MobiKwik, Bipin has worn several hats โ€“ 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.


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MobiKwik - Startup Story

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.


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MobiKwik - Business Model and Revenue Model

The business and 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 - Funding and Investors

MobiKwik has raised a total of ~ $165.5 M in funding.

Its most recent round was on June 9, 2021 for $20 milllion led by Abu Dhabi Investment Authority (ADIA).

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

Date Stage Amount Investors
June 9, 2021 Fresh round $20 Million Abu Dhabi Investment Authority
April 14, 2021 Fresh round $5 Million -
December 2020 $6.9 million Hindustan Media Ventures
November 4, 2020 Series E $5.5 Million Hindustan Media Ventures
March 23, 2020 Venture Round $30 Million -
July 23, 2019 Venture Round $1.3 Million NDTV Limited & Trifecta Capital
March 1, 2019 Venture Round $0.32 Million Cisco Directors Gaurav Manglik & Tianying Fu
January 2019 Venture Round - InnoVen Capital
December 2018 Series E $3.38 Million Sequoia Capital India, GMO VenturePartners & Net1 UEPS Technologies, Inc.
August 2017 Series D $35.4 Million Bajaj Finserv Limited
May 2016 Series C $50 Million Sequoia Capital India, GMO VenturePartner, MediaTek, Net1 UEPS Technologies, Inc. & Tree Line Asia
April 2015 Series B $25 Million Tree Line Asia, American Express Ventures
March 2014 Series A $2.5 Million Sequoia Capital India
September 2010 Seed $500K -

The last funding round valued MobiKwik at an estimated $736 Million, which marked a 47% jump of the company within 2 months.

MobiKwik will reportedly be seeing its IPO round before Diwali. The company has already managed to get the approval of the same from SEBI. The upcoming IPO of MobiKwik will certainly be interesting. Though the company is still not declared a market leader or hailed as a giant unicorn, like Zomato or Paytm, the draft documents of the business mentions that the rapid growth of the digital payments and payment platforms, online shopping, and internet usage, marks it as a deserving IPO nominee.

The company had already listed its draft documents back on July 12, 2021, and has mentioned that it would be raising around Rs 1,900 crores in its upcoming public offering. Furthermore, it has announced that the offer will comprise of fresh issue of equity shares up to Rs 1,500 crores in addition to an offer for sale for certain existing shareholders up to Rs 400 crores. The offer of sale (OFS) of the company will further include the sale of shares valued at nearly Rs 9.9 crores by American Express, shares worth Rs 68.9 crores from Bajaj Finance, Rs 11 crores of Cisco Systems, Rs 94 crores by Sequoia, Rs 24 crores by Treeline Asia, Rs 111 crores from Bipin Preet Singh and around Rs 78 crores from Upasana Taku, the founders of the company.

MobiKwik was declared a unicorn on October 12, 2021, after the end of the sale of the secondary ESOP round led by Mathew Cyriac, former head of Blackstone India.


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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.

There are many brands associated with MobiKwik. Some of them are:

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 - 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.

MobiKwik has already raised $5 Million worth of funds from a series of investors on the month of April 2021. Furthermore, the company has again raised some fresh funds equivalent to $20 Million from Abu Dhabi Investment Authority. This latest investment came in June 2021, within two months since it last raised funds. With the last round of fundraising, MobiKwik recorded a 47 % jump within 2 months and was valued at $736 Million, post which it attained a unicorn valuation, as per October 2021.

As revealed by co-founder Upasana Taku in June 2021, MobiKwik is eyeing to launch IPO by September 2021.

According to the reports dated July 12, 2021, MobiKwik is looking forward to filing its Draft Red Herring prospectus later this month. This will change the holding of the entity, originally a private limited to public, which will change its name to One Mobikwik Systems Limited.

Mobikwik announced that it would be issuing and allotting 156,17,940 equity shares, which will be live for 67 equity shareholders. The co-founders of the company, Bipin Preet Singh and Upasana Taku are deemed to be the largest beneficiaries of this bonus issue. They have been allotted 87,30,930 and 61,80,900 fully paid equity shares respectively.

MobiKwik files the Draft Red Herring Prospectus for its IPO on July 13, 2021, where the company declared that for its IPO the company would be inviting bids worth Rs 1900 crores for equity shares. MobiKwik issues its equity shares afresh that aggregates up to Rs 1,500 crores, which will be added to the other shares that belong to 7 existing shareholders of the company, amounting to Rs 400 crores.

MobiKwik - Awards

In 2014, MobiKwik won the Billionth Award South Asia in the category of Mobile Business, for socially valuable contributions to South Asia's digital infrastructure.

MobiKwik - Competitors

MobiKwikโ€™s main competitors are:

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 - FAQs

What is MobiKwik?

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.

What is MobiKwik Origin Country?

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

Who is MobiKwik Owner?

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

How much is MobiKwik's Valuation?

MobiKwik's valuation is estimated at over $1 billion (October 2021)

Who are the competitors of MobiKwik?

MobiKwikโ€™s competitors are Paytm, Freecharge, Google Pay (earlier Tez), and PhonePe.

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