Aggressive growth has been highlighting the Digital Payments industry over the past few years. Disruptive forces and continuous growth will continue to shape the Digital Payment landscape.
The Digital Payment sector has been witnessing a lot of innovations in the recent months. With so many companies looking to have their fair share of the trade, it is pivotal to keep growing at regular intervals. MobiKwik has been climbing the ladder of success pretty quickly to place themselves amongst the top Digital Payment players in the industry. Looking at the recent developments, MobiKwik is looking to exceed transactions more than US$5 Billion over the period of next two years. Along with this news, the Gurgaon based company is also planning to raise up to US$100 Million in a funding round this year. Looking at the previous funding round, the company has entered, MobiKwik has already raised close to US$30 Million in funding through Sequoia Capital, American Express, Tree Line Asia and Cisco Investments. Catering to a user database of more than 17 million users, the company has been growing at a very quick pace. With a futuristic vision that the mobile payment segment in India is poised to be a big success, the company also has a solution in the pipeline for people unable to use banking services. The company is in progress of creating a network of 1000+ merchants to cater to this cause.
Speaking about the recent developments, Bipin Preet Singh, Founder & CEO, MobiKwik said, “This year we are looking at processing transactions to the tune of USD 700 million. Eventually, MobiKwik aims to power US$5 billion in payments between 150 million users and 5, 00,000 retailers.” The company has already applied for a payments bank license in February 2015. Shedding some light on the plans in the pipeline, Singh said that, “In another 5 years, we expect MobiKwik to become the default payment instrument in the country, replacing both cash and cards.” With a current team of 250 people and looking to hire more employees in the coming months, the future is looking indeed very bright for the company.
Since its inception in 2009, MobiKwik has been a driving force in easing the payment hassles faced by the Indian users. Starting off as an online web function, MobiKwik has added a large chunk of users since including mobile app functioning to their operations. A winner of the mBillionth Award South Asia in the Mobile Business category in 2014, MobiKwik facilitates transactions of payments for a number of big players. Some of the big names in MobiKwik kitty include:
- Meru Cabs
- Big Bazaar
- WHSmith India
- Cafe Coffee Day
- PVR Cinemas
- Pizza Hut
- Star Sports