~ With 8 million wallet users, MobiKwik powers 2,00,000 transactions daily
~ MobiKwik eyeing to raise $25 Million to further broaden their offerings for its mobile wallet users
MobiKwik, India’s no.1 mobile wallet is estimating to reach the user base of 10 million by November, 2014. As the unparalleled leader in this space, the MobiKwik wallet is live as a payment option across 5,000 e-commerce merchants. The wallet adds over 30,000 new users daily and powers over 2 lakh transactions each day. 75% of these transactions happen on smartphones. Overall, the company has 8 million wallet users, of which 5 million are on mobile devices.
MobiKwik, an exemplary story of start-up success, has emerged as the business leader in the mobile wallet industry. Backed by a robust business model and a stellar user experience it consistently provides, MobiKwik has the largest number of wallet users in the country today. The company is presently focusing on raising $25 Million to further propel its growth.
Bipin Preet Singh – Founder CEO, MobiKwik affirmed, “We have been able to scale and monetize the mobile wallet business successfully, owing to superior product quality and a super-fast payment experience. By parking money in their MobiKwik wallets once, users can make multiple purchases without the hassle of going back and forth between e-commerce websites, payment gateways, and banks. In order to grow our business further and set even higher benchmarks of consumer convenience in mobile commerce, we are now seeking a fresh infusion of funds. We are also looking to put together a senior management team to lead and drive our technology, marketing, product, and merchant business units. We expect to grow from our current team strength of 90 to around 150 by the end of this year. ”
The competitive advantage of the MobiKwik wallet that propelled it to its Numero Uno stature lies in its business model. All users have to store money into the digital wallet before they can proceed to make any purchase (recharge, bill payment, shopping, money transfer, etc). By virtue of this process, every user becomes a trained wallet user, unlike in the case of other M-Commerce platforms.
10% of MobiKwik’s current revenue is driven by the third-party e-commerce sites and app based transactions. By March 2015, the company expects these transactions to account for about 30% of the total revenue generated.
MobiKwik has initiated several co-branded marketing activities in association with the partner merchants such as Domino’s to steer users to adopt the wallet method of making purchases. The company has also partnered with eBay India for the festive season to offer an exclusive 15% discount for users who choose to make payments via their MobiKwik wallets. With these partnerships in place, MobiKwik is likely to see an even more rapid expansion in its user base and growth figures in the near future.