One Mobikwik Systems Pvt Ltd, which runs mobile wallet Mobikwik will be investing R300 crore by December 2017, the company said on Thursday. The company plans to set up 13 new offices and recruit 1,000 people, taking the team to 1,250. The company said it has over 1.4 million merchants on its network. Upasana Taku, co-founder, MobiKwik said, “We aim to increase the number of our users to 150 million by the end of this year. Our GMV is currently $2 billion.” The company refused to disclose any details on the company’s revenues or profits.
Mobikwik claims to have clocked 30 lakh transactions in January. While the average ticket size of recharge-based transactions is in the range of Rs 100-Rs 150, the ticket size of utility related payments is between Rs 500-Rs 800.
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The company claims to earn a commission in the range of 5%-1.5%, depending on the nature of payment.
MobiKwik’s losses widened almost six-fold to Rs 41.5 crore in FY15 from Rs 6.4 crore in the previous year, according to a company filing with the registrar of companies.
The mobile wallet company generated income worth R14 crore during the period, which is almost three times from Rs 5.1 crore registered in FY14.