MobiKwik says is aiming at 100 mn mobile wallets by 2016.
Mobile wallet company, MobiKwik, which has over 15 million users and 25,000 merchants, has announced that it raised close to $25 million in a Series B round led by Tree Line Asia. Cisco Investments, American Express and the existing investor, Sequoia Capital were part of the fund raising drive.
MobiKwik says the funds will be used for investments in technology/data analytics, brand building and growing the network of users and merchants.
In 2015, MobiKwik has been focused on creating a brick-and-mortar retail network of more than 100,000 merchants across India. The brick and mortar retail stores will serve both as points for cash loading into the wallet and for wallet payments acceptance.
MbiKwik has also applied for a payments bank license in February 2015. If that fructifies, MobiKwik plans to disrupt the delivery of financial services in India by using mobile technology to reach people that the existing banking networks have been unable to reach.
MobiKwik’s new initiatives include a strong offline push with a tie-up with Café Coffee Day, where customers can pay for their coffee and snack across all CCD outlets via their MobiKwik wallet.
“With over 15 million wallet users, and neutrality towards 25,000 merchants, we are now aiming for the next level of growth and building a ubiquitous mobile wallet for a billion Indians. With 90% of Indians being unbanked, simplified payments via a mobile wallet make perfect sense. Taking millions of Indians from cash to digital transactions and building a rich user profile to meet all their financial services’ needs, is our ultimate mission at MobiKwik,” said Bipin Preet Singh, Founder and CEO, MobiKwik.
American Express interest in investing in MobiKwik helps the payments company to play an active role in fostering the growth momentum of mobile payments in India. “MobiKwik has been impressive with its focus on a mobile-based product that customers love to use. American Express is a firm believer in the untapped potential of the mobile to make financial transactions easy and yet safe,” said Sanjay Rishi, President, American Express South Asia.
For Cisco, the MobiKwik investment is a part of its focus on connected mobility, said Alok Bardiya, Country Director, Cisco Corporate Development. “Financial inclusion is a key pillar for the Digital India initiative and MobiKwik’s product innovation across the spectrum of mobile phones and platforms will help support the new government’s vision by offering a more dependable and low cost solution that provides financial access to many,” he added.