MobiKwik soon to cross the user base of 10 Million

MobiKwik is estimating to reach the user base of 10 million by November, 2014. 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.

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.”

10 per cent 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 per cent 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-per cent 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.