Mobile wallet company MobiKwik has reportedly announced an investment of Rs 300 Cr. for expansion. The company is aiming a growth of its user base from current 50 Mn to 150 Mn in 2017.
This also means that, increase in user base will boost MobiKwik’s annual Gross Merchandise Value (GMV) to $10 Bn by end of the year from the current $2 Bn.
Started in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik, is a wallet that enables users to pay in a flash for their mobile recharge and bill payments. Currently, the company has over 1.4 Mn merchants on its network and aims to grow the base to over 5 Mn by year end.
Few of its partner merchants include Café Coffee Day, PVR, Domino’s Pizza, Pizza Hut, TastyKhana, eBay, Snapdeal, ShopClues, HomeShop18 among others.
MobiKwik is also launching SUPERCASH, that aims to promote digital payments in the country. Under the above mentioned initiative, users can earn reward points at all MobiKwik merchants. Additionally, users will save money every time they transacts on Mobikwik.
Speaking on the development, Upasana Taku, co-founder of MobiKwik said, “We aim to increase the number of our users to 150 million by the end of this year, targeting $10 Bn GMV. The investment of Rs. 300 Cr. will be deployed in loyalty initiatives, expanding our reach & network, and launching other financial services such as loans & investments on our platform.”
MobiKwik had recently announced setting up offices in 13 cities by the end of Q1 2017 and is in its hiring spree to drive business growth.