Mobile wallet company Mobikwik is planning to invest more than Rs 500 crore in the next one year in India on merchant and user acquisitions. The company is also aiming to increase its user base from its current 5.5 crore to 15 crore by the end of 2018.
Additionally, buoyed by the current less-cash bandwagon, Mobikwik is spending `50 crore in setting up 13 new offices across India, apart from increasing its headcount from 290 to over 1,000 employees by the end of next year.
The company also announced on Friday that it has entered into a partnership with Karnataka Mobile One and Bangalore One, citizen centric e-governance services run by the Karnataka government. Mobikwik will simplify the payment of government taxes and utility bills for the 66 million residents of the state.
Vineet Singh, chief business officer, Mobikwik, said that the company was aiming for the `40,000 crore market of smart city related digital payment opportunity in the country and the recent tie-up for Karnataka’s e-governance projects are part of that strategy.
The company claims the recent partnership with the two e-governance projects will provide them a market opportunity of Rs 3,500 crore.
With the Indian digital payment market getting attractive post demonetisation, One Mobikwik Systems Private Limited that runs Mobikwik, is already in the final stage of talks with investors to raise funds in the series D round. Founded by Bipin Preet Singh and Upasana Taku in 2009, Mobikwik has backers including Sequoia Capital, MediaTek, American Express and Tree Line Asia Master Fund.