Area served India Founded 2009 Type of business Private | Website mobikwik.com Headquarters Gurgaon | |
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Industry Mobile Wallets / Online Payments Services Mobile and online payments, phone and DTH recharges, money transfers, shopping Parent One MobiKwik Systems Private Limited CEO Bipin Preet Singh (1 Aug 2009–) Founders Upasana Taku, Bipin Preet Singh Profiles | ||
Mobikwik co founder upasana taku on the future of mobile wallet in india
MobiKwik is an Indian company offering a mobile phone based payment system. Customers add money to an online wallet that can be used for payments. The company reports a user base of 50 million customers.
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History
MobiKwik was founded in 2009 by husband and wife team Bipin Preet Singh and Upasana Taku. Singh, a 2002 graduate of IIT Delhi, saw an opportunity to improve mobile recharge options. He seeded the company with USD$250 thousand of his own money, developed the website and payment options, and rented office space in Dwarka, Delhi. The initial service was a website with a closed wallet facility, but over the years, MobiKwik extended their service to mobile apps.
The company initially partnered with online merchants to make their wallet available as a payment option on e-commerce sites.
In 2012, the company launched an e-wallet system which allowed users to deposit money online to use for bill payment and other features.
In September 2014, Express Computer reported how MobiKwik was partnering with GoDaddy and other international companies to help them comply with Indian payment regulations.
As of April 2015, MobiKwik was used by 15 million users and claimed to be adding one million new customers every month, according to Forbes India Magazine.
On November 2016, MobiKwik launched its MobiKwik Lite app aimed at users in poor connectivity regions.
In February 2017, the company announced plans to invest approximately USD$45 million to expand its user base from 50 million to 150 million users in 2017.
MobiKwik wallet
MobiKwik wallet is a semi closed wallet authorized in 2013 by the Reserve Bank of India (RBI). The RBI license allows the company to create marketplaces where customers can purchase goods and services from third party vendors, avoiding the reportedly high failure rates of payment gateway transactions in India.
Funding
In 2013, after founder Singh's initial $250k seed investment, MobiKwik raised $5 million in Series A funding from an unnamed US-based VC firm.
In 2015, Series B rounds from Singaporean investment firm Tree Line Asia and American firm Sequoia Capital, with participation from US technology company Cisco Systems and [[financial services company American Express raised an additional USD$31 million.
In May 2016, the company announced a $50 million Series C round, led by Japanese Internet company GMO Internet, and Taiwanese semiconductor firm MediaTek, along with investors including Sequoia and Treeline Asia, bringing company funding to date to more than $80 million.
Awards
In 2014, MobiKwik won the mBillionth Award South Asia in the category of Mobile Business, for socially valuable contributions to South Asia's digital infrastructure.