MobiKwik raised $50 million for its mobile wallet service

MobiKwik raised $50 million for its mobile wallet service

In India, more and more people are getting equipped with smartphones. This increasing number of smartphone increased the growth of many mobile wallet

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In India, more and more people are getting equipped with smartphones. This increasing number of smartphone increased the growth of many mobile wallet services as well in the country. MobiKwik is making a dent in this domain with the fast pace, and recently it announced it has $50 million funding from its C round.

The primary service offered by MobiKwik is a mobile wallet, but it offers a number of other services as well that include mobile phone recharge, payments of bill, money transfer, coupons, and tickets. According to this start up, they have more than 30 million subscribers, and they support more than 75,000 retailers for various services and domains.

The funding mostly came from two investors that are very much interested in the payment section. These two investors are GMO which is Japanese Internet Company that is involved in a number of things including payments. Another leading investor is Mediatek which is a semiconductor firm. Other than this, the company also has significant investment from Treeline Asia and Sequoia. Thanks to the investment from these two companies, MobiKwik is able to raise more than $80 million by this time.

Last week, Ant Financial also raised more than $4.4 funds. In case, you are not aware of Ant Financial it is an affiliate company of Alibaba and this company manage Alipay and several other financial services. Ant Financial disclosed that PayTM which is a rival company of MobiKwik in India has more than 122 million users in the start of 2016. And if we talk about the number of transaction by PayTM, then it was above 52 million transactions.

However MobiKwik revealed the number of users they have, but the company never shared any detail about the number of the transaction. But they shared this information that the growth cash passing via their services increased almost 250% every year from 2012. The company also claimed that most of the users make 10 to 12 transaction every month using their platform.

With increased cash in the kitty, MobiKwik is planning to have more employees, do better marketing and offer enhanced services to customers. With these changes, the company hopes to get 150 million users in a short span of time and company also plan to have at least 50,0000 retailers with it. Also, they plan to cross $5 billion GMV target for every year. We wish all the best to the company, but it is also true that these goals are high and company might need some time to reach those goals.

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