Delhi based Mobile wallet company Mobikwik is planning to raise fresh funds to the amount of $50-100 million (about Rs 325-650 crore) in the coming few months. This money will be used to scale its expansion across its online and offline platforms.
Till date, MobiKwik has raised close to $30 million (about Rs 195 crore) in funding. This amount has come from various investors like Sequoia Capital, American Express, Tree Line Asia and Cisco Investments.
Bipin Preet Singh, the founder and CEO of MobiKwik said in a statement to the source:
“The company plans to raise another $50-100 million in the next 3-6 months. We are disrupting the payments space by creating an offline retail network of more than one lakh merchants across India,”
The startup aims to scale up the monthly gross merchandise value on its platform to Rs 700-800 crore over the next 12 months. Few days back MobiKwik, claimed to have processed 500,000 transactions in the last three months, amounting to over Rs 60 crore. Bipin said in a statement:
“Overall, we expect the monthly gross merchandise value (GMV) to be about Rs 700-800 crore in the next 12 months. Of this, about Rs 400 crore with five million transactions a month,”
Currently, MobiKwik has joined hands with merchants like Big Bazaar, WHSmith India, Cafe Coffee Day and Store King in the offline space.
In the online space, it has partnered firms like Uber, OYO Rooms, BookMyShow, Grofers, Big Basket, eBay, ShopClues, Myntra, Jabong, Pepperfry and MakeMyTrip among others.
Uber partnered with the mobile payment service provider for powering credit and debit card payments on its platform. MobiKwik also partnered with e-commerce platform connector StoreKing to expand its cashless model of payment to 10,000 retail stores in 600 small towns and 5,000 villages across Karnataka, Andhra Pradesh, Telangana, Tamil Nadu, Kerala and Goa.
MobiKwik claims to have 25 million users and 50,000 retailers on its platform. The startup is also looking at actively expanding the offline base to a lakh in the coming year.