MobiKwik to invest Rs 50 crores, hire 1000 employees by March

Digital payments company MobiKwik on Thursday said it will invest over Rs 50 crore and hire 1,000 people during this quarter as it looks to expand its footprint across cities like Ahmedabad, Lucknow and Vijayawada among others.

Aimed at enabling 150 million users in India to transact on its platform by early 2018, MobiKwik is setting up offices in 13 cities by the end of the first quarter of 2017.

"We will be investing over Rs 50 crore in setting up new offices to cater to regional requirements and will be hiring over 1,000 employees, pan India, across technical and non-technical requirements," MobiKwik co-founder Upasana Taku said in a statement.

These cities include Mumbai, Pune, Bangalore, Kolkata, Hyderabad, Chennai, Ahmedabad, Noida, Lucknow, Vijayawada, Kochi, Jaipur and Chandigarh.

"Post demonetisation, we have observed unprecedented growth and our expansion plans are in line with our vision to achieve Rs 1,000 crore GMV in 2017," she said.

The Sequoia Capital-backed company has a network of over 10 lakh merchants and 45 million users.