MobiKwik To Pump In Rs 300 Crore In A Bid To Triple User Base
The digital wallet firm wants to triple its user base to 150 million in a year.
Digital wallet firm MobiKwik will make a Rs 300-crore investment to expand its user base in the country, the company said in a media statement on Thursday. The aim is to triple its user base to 150 million from 50 million in a year.
The announcement comes at a time when the firm is looking to raise fresh funding, and expects to close the deal in the next two months, a person privy to the information said on the condition of anonymity.
We are targeting $10 billion Gross Merchandising Value (GMV). The investment of Rs 300 crore will be deployed in loyalty initiatives, expanding our reach and network and launching other financial services such as loans and investments on our platform.Upasana Taku, Co-founder, Mobikwik
In a first among mobile wallet companies in India, MobiKwik has also launched a loyalty initiative, SUPERCASH, to promote digital payments among its users.
Founded in 2009, the firm has raised $126 million in six round of funding according to data cited by Crunchbase, which aggregates information on startups. It had last raised $50 million in its Series C round led by Japan's GMO Payment Gateway and Taiwanese semiconductor company MediaTek in 2016. The company claims it added 1.3 million merchants and 15 million users post the government’s surprise demonetisation drive on November 8, 2016.
