6wresearch logo
6wresearch discount on market reports

MobiKwik to add more money in its wallet, raises $50M funding

May 03, 2016

MobiKwik, a mobile wallet services company, has raised $50 million (Rs 332.6 crore) in Series C round led by GMO, Japan's payment gateway, and Mediatek, Taiwan-based Semiconductor Company. The money will be poured into product innovation, strengthening team, and user acquisition. The Series C round, which was closed four months ago, also saw participation from existing investors Sequoia Capital and Treeline Asia.

The company had raised Rs 44 crore in December last year completing its Series B round. Till date, the company has raised funds from Sequoia Capital, American Express, Tree Line Asia, and Cisco Investment.

"We are very excited to live up to the investors' expectations and raise the funding," says Bipin Preet Singh, Founder and CEO of MobiKwik.

GMO Payment Gateway in one of its statements said that they led this investment through GMO Global Payment Fund in a bid to form a new strategic partnership with MobiKwik. GMO Global Payment Fund is focussed on local payment-related businesses.

Growing by leaps and bounds

Connecting 30 million users with 75,000 retailers, Gurgaon-based MobiKwik aspires to be the largest source of digital transactions in India. Launched in 2009 by Bipin and Upasana Taku, the company has created a list of quality merchants, which includes names like IRCTC, Uber, Big Bazaar, OYO Rooms, Zomato, Barista, PVR, MakeMyTrip, Myntra, Big Basket, and Domino's.

It allows users to load money into the wallet via cash, loyalty points, debit card, credit card, and netbanking. MobiKwik's users currently make 10-12 purchases every month across diverse use cases such as recharge, bills, food, grocery, travel and cabs, shopping, entertainment, and more.

MobiKwik was the first to launch W2W (wallet-to-wallet) mobile money transfer service in August 2014. Available on Android, Windows, and iOS, MobiKwik wallet services today has 30 million wallet users. MobiKwik's GMV has grown significantly by 250 per cent year-on-year for the last four years.

Market potential

According to a report by India Brand Equity Foundation, the rapidly growing E-commerce is expected to grow from $14 billion in 2015 to $220 billion in 2025. The number of mobile users has surpassed one billion as of October 2015.

Owing to the limited number of bank account holders and credit card owners, mobile wallet is the next logical option for making purchases at both offline and online stores.

According to India Mobile Wallet Market Forecast and Opportunities 2020, India is expected to reach $6.6 billion by 2020. 6Wresearch predicts that the value of India's mobile wallet transactions will reach $11.5 billion by 2020. PayU Money, Paytm, Oxigen, and My Mobile Payments are considered to have captured the majority of the market share. The country is moving towards cashless economy, with more than 40 per cent of e-commerce transactions happening via mobile phones.

However, the introduction of Unified Payment Interface (UPI) and Bharatpay may threaten the growth of mobile wallets in India. Going forward, the National Payment Corporation of India (NPCI) will govern all the retail payment systems in India.

Media Source: Yourstory

      Browse More Report

India Edge Server Market (2018-2024)

Market Forecast By Types (Rack Server, Blade Server and Tower Server), By Topologies (Consolidated Edge Topology and Single Site Edge Topology), By Edge Services (Access Edge Service, A/V Edge Service and Web Conferencing Edge Service), By End User Verticals (BFSI, Government, Telecommunication, Commercial Offices & IT/ITes and Others...

Read More

UAE Commercial Vehicle Telematics Market (2018-2024)

Market Forecast By Vendor Types (OEM and Aftermarket), By Sectors (Construction & Infrastructure, Logistics, Government & Infrastructure, Transportation and Others), By Commercial Vehicle Types (Light Duty Commercial Vehicle...

Read More

Saudi Arabia Pillow Market (2018-2024)

Market Forecast By Types (Microfiber, Down & Feather, Foam & Memory Foam and Others), By Applications (Residential and Commercial), By Regions (Central, Western, Eastern and Southern), By Distribution Channels (Hyper Markets & Super Markets, Specialist Retailers and Others...

Read More

Middle East Fire Safety Systems and Equipment Market (2018-2024)

By Types (Fire Fighting Systems and Equipment (Fire Extinguishers (CO2, Dry Chemical, Clean Agent, Foam Fire, Wet Chemical and Water), Fire Suppression Systems (Inert Agent, Halocarbon Agent, Carbon Dioxide, Wet Chemical Fire and Dry Chemical), Fire Sprinkler Systems...

Read More

Saudi Arabia Cable Tray Market (2018-2024)

Market Forecast By Materials (Aluminum, Steel and Stainless Steel), By Types (Ladder, Solid Bottom, Trough & Perforated, Channel, Wire Mesh and Single Rail), By Applications (Power Utilities, Construction, Industrial and Others), By Regions...

Read More

UAE Augmented and Virtual Reality Market (2017-2023)

Market Forecast By Type (Head Mounted Display, Head-Up Display, Smart Glass and Mobile Devices), By Verticals (Entertainment, Commercial, Automotive and Others), By Regions (Northern Emirates and Southern Emirates) and Competitive Landscape

Read More

Europe Lithium Ion Battery Market (2018-2024)

Market Forecast By Power Capacities (5-25 Wh, 48-95 Wh, 15-99 KWh, 100-250 KWh and Above 300 KWh), By Components (Cathode, Anode, Electrolytic Solution and Others), By Materials (Lithium Cobalt Oxide, Lithium Manganese Oxide, Lithium Iron Phosphate and Others...

Read More

India Air Purifier Market (2018-2024)

Market Forecast By Segments (Car and Room), By Types (Type I: HEPA + Carbon, Type II: HEPA + Carbon + Ionizer, Type III: HEPA + Carbon+ UV, Type IV: HEPA + Carbon + Electrostatic, Type V: HEPA + Carbon + Ionizer+ UV + Electrostatic and Type VI: Other Technologies...

Read More

Saudi Arabia Road Assistance and Vehicle Service Market (2018-2024)

Market Forecast By Package Type (Basic Package and Custom Package), By Regions (Central Region, Northern Region, Western Region and Southern Region) and Competitive Landscape

Read More


Our Key Clients
6wreserach client list


6Wresearch Events
6wreserach events