MobiKwik announces Rs 300 crore investment for business expansion

Mobile wallet major MobiKwik on Thursday announced a Rs 300 crore investment for expansion aimed at growing its user base from current 50 million to 150 million in 2017.

The increase in user base is also expected to boost MobiKwik's annual Gross Merchandise Value (GMV) to USD 10 billion by end of the year from the current USD 2 billion, the company said in a statement here.

"We aim to increase the number of our users to 150 million by the end of this year, targeting USD 10 billion GMV. The investment of Rs 300 crores will be deployed in loyalty initiatives, expanding our reach and network, and launching other financial services such as loans & investments on our platform," said Upasana Taku, Co-Founder of MobiKwik.

To support its business ambition, MobiKwik is also launching 'SUPERCASH', a loyalty initiative that aims to promote digital payments among its users with benefits on every transaction.

Under the initiative, users can earn reward points at all MobiKwik merchants, including their local mom and pop stores. Additionally the user saves money every time he transacts on Mobikwik, the statement added.

Users of MobiKwik can start earning Supercash points from next week, it said.

MobiKwik had recently announced setting up offices in 13 cities by the end of the first quarter of 2017 and is in its hiring spree to drive business growth.        

The company currently has over 1.4 million merchants on its network and aims to grow the base to over 5 million by year end, said the statement.

The company added 1.3 million merchants and 15 million users post demonetisation, it claimed.

MobiKwik currently powers payments for IRCTC, NHAI, Meru Cabs, Big Bazaar, MakeMyTrip, OYO Rooms, Zomato, PVR, Archies, WHSmith India, BookMyShow, Grofers, Big Basket, Dominos, Burger King, Pizza Hut, eBay, ShopClues, Myntra, Jabong, Pepperfry, Barista, Food Panda, Nearbuy, Van Heusen, Allen Solly among others.