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Digital transactions and the usage of mobile wallets are now a reality. Easy, hassle-free payments without having to hunt for change every time you purchase something are some major benefits of using a mobile wallet. While many international players are providing mobile wallet services in India today, MobiKwik is one of the pioneer Indian mobile wallet companies, which despite the raging competition of the sector, has carved a niche for itself.
MobiKwik - About and How it Works?
MobiKwik - Founders and Team
MobiKwik - Startup Story
MobiKwik - Mission and Vision
MobiKwik - Name, Tagline and Logo
MobiKwik - Business Model and Revenue Model
MobiKwik - Funding and Investors
MobiKwik - Growth and Revenue
MobiKwik - Products and Features
MobiKwik - Challenges and Controversies
MobiKwik - Partnership and Tie-ups
MobiKwik - Acquisitions
MobiKwik - IPO
MobiKwik - Awards
MobiKwik - Competitors
To make personal wallets redundant, MobiKwik is one of the largest mobile wallets in India. It allows Indian consumers to store money in a virtual wallet and then to use it across channels (mobile, desktop, tab, SMS, IVR) to pay utility bills and shop all they want.
For example, as a user, you could use it to recharge your mobile via its Android/iOS/BB/Windows App, or use it to buy bus tickets on any popular bus booking website or order and pay for pizza on the phone. It is a prepaid financial instrument approved by the Reserve Bank of India.
MobiKwik is super-safe. Every penny stored in your wallet is well accounted for. You can also use the extra in-app security settings available on all mobile platforms it is operational on. These are Android, Windows, and iOS. All services of the app are also available via a desktop site and a mobile site. Besides, its simple UI is designed to give users a smooth experience.
The initial service provided by the startup was a website with a closed wallet facility, but over the years, MobiKwik extended its service to mobile apps. Today it has transformed itself into a full-stack fintech company. One can do bank transfers, and can also take loans. The company has tie-ups with NBFCs like Bajaj Finance, Aditya Birla, and DMI Finance.
As for loans, it has many options like an instant 3-minute loan, a credit line, and a term loan. It has also tied up with ICICI Lombard for accidental insurance, and also offers several other insurance products like Online fraud protection, dengue insurance, hospital cash, etc., to name a few.
India's payments market is fragmented with some 60 odd banks for internet banking, multiple levels of authentication on debit and credit cards, and a generally complicated electronic payment experience for the consumer. Mobikwik wallet payment options simplify all that with a 1-click Payment flow on your phone, tablet, or computer which works the same way every time.
As a user, you just need to trust it with your money and then you can shop on any merchant without disclosing your bank or card details. Here, you can be prepared to get exclusive discounts and offers every time you shop using the wallet. One can also earn money through the app by referring a friend on the platform. With the company venturing into new verticals and having acquired a huge user base, MobiKwik is surely here to stay. The company too has exciting plans for the future.
Upasana Taku is known as the co-founder of MobiKwik. Taku is an alumnus of NIT Jalandhar, from where she completed her Btech in Industrial Engineering before pursuing an MS, Management Science and Engineering from Stanford University. Currently serving as the Co-founder and COO of MobiKwik and the Co-founder of Zaakpay, Upasana started with HSBC, where she worked as a Business Analyst and eventually moved to the position of Senior Product Manager at Paypal. Taku was then a Consultant at Multiple Companies before she managed to materialize her entrepreneurial dreams.
Bipin comes with a strong payment background as a senior product manager with PayPal (an eBay company) in Silicon Valley and before that with HSBC at San Diego. She graduated with a Bachelor's in Engineering from NIT Jalandhar and a Master's in Management Science from Stanford University. The company had appointed Bikram Bir Singh as the Business Head of Mobikwik at the end of October 2018. However, Singh left the company in August 2019.
Staying for over 2 years in the batch of key leadership executives of MobiKwik, Chandan Joshi has been elevated to the rank of Co-founder of the company in September 2020. Joshi began as an Associate Trader at Credit Suisse. He then founded Packetts, where he also served as the CEO for around a year when he exited the company by selling it to Nuvo Logistics. Joshi continued to stay with Nuvo as the Business Head - Logistics for a year after which it was again acquired by Shadowfax. Joshi eventually joined MobiKwik as the Business Head - VP, Online and Offline Merchants and he is currently serving the same company as the Co-founder and CEO, Payments.
Mobikwik had appointed Daman Soni as the VP for Marketing and User Growth of Digital payments in October 2018. Soni joined Mobikwik in December 2016, and quit the company on June 11, 2018, thereby joining the line of other resignees including Vineet Singh, Rukaiya Rangwala, Vivek Sinha, and others, who had quit Mobikwik.
Singh started MobiKwik in 2009 when he was tired of his easy-going corporate job and was looking to do something new in life. He wanted to create a simple payment platform for prepaid mobile users to recharge their currency. Since recharge is a small ticket-size transaction, he created a digital wallet where users could keep the money and recharge whenever they wanted.
He seeded the company with $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 its service to mobile apps. The company launched its android app in 2012.
The revenue of Mobikwik comes from the commissions on each transaction that takes place, via partnering with companies and through the advertisements that they consider fit for their app. Furthermore, MobiKwik also gains fee-based incomes by cross-selling insurance and mutual fund products.
On June 10, 2019, MobiKwik reported 5 times year-on-year growth to Rs 362 crore in the gross transaction value of the IMPS (Immediate Payment Service) fund transfer business. With 6.7 lakh transactions during May 2019, it targeted Rs 10,000 crore worth of transfers, till the end of FY 2020. However, as per the latest last reports, Mobikwik has been successful in clocking Rs 362 crore worth of total funds transferred from its wallet to the bank. As per the National Payments Corporation of India, MobiKwik has a 26% share of the entire IMPS transfer market in India.
In FY19, MobiKwik's revenue stood at Rs 184.6 crore, which grew by more than 2X from Rs 69.6 crore of revenue, which the company managed to record in FY18. MobiKwik's merchant-facing Payment Gateway Business (via its subsidiary Zaakpay) registered net revenue of Rs 190 crore in FY20, compared to Rs 101 crore in FY19 on a standalone basis. The company expects to double its revenues this fiscal, as per reports dated January 23, 2022.
Mobikwik had narrowed its losses in the previous fiscal, which is why Upasana claimed that her company was cutting the losses each year followed by a doubling of the revenue. It had done this for the last 4 years but Fy21 turned to be an exception.
MobiKwik was eyeing the launching of its IPO by September 2021, as revealed by co-founder Upasana Taku in June 2021. However, the IPO has been postponed following the dismal IPO of Paytm and will most likely take place in the initial half of 2022.
MobiKwik filed the Draft Red Herring Prospectus for its IPO on July 13, 2021. This had changed the holding of the entity, originally a private limited to a public company, which had changed its name to One Mobikwik Systems Limited.
With this, the company declared that for its IPO the company would be inviting bids worth Rs 1900 crores for equity shares. MobiKwik issued its equity shares afresh that aggregates up to Rs 1,500 crores, which will be added to the other shares that belong to 7 existing shareholders of the company, amounting to Rs 400 crores.
Mobikwik announced that it would be issuing and allotting 156,17,940 equity shares, which will be live for 67 equity shareholders. The co-founders of the company, Bipin Preet Singh and Upasana Taku are deemed to be the largest beneficiaries of this bonus issue. They have been allotted 87,30,930 and 61,80,900 fully paid equity shares respectively.
Being the biggest data leak in Indian history, independent cybersecurity researchers have found that the personal data of over 10 crore customers of MobiKwik is available for sale on the dark web. However, MobiKwik is denying the alleged data leak and is intended to get a third party to conduct a forensic data security audit to provide clarity on the matter.
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