Tuesday, May 21

Tag: Mobikwik

Mobikwik Looking to Raise more funds before IPO
News

Mobikwik Looking to Raise more funds before IPO

Mumbai: Digital payment app Mobikwik is looking to onboard an investor who will help it go public in the next three years, a top official has said. The 2009-incorporated company is planning to report its first quarterly profit in March and will be profitable from a full year perspective from FY21. "We are looking for an investor who will help the company go for an initial public offering (IPO) in three years," co-founder and chief executive Bipin Preet Singh said. Singh said he is in talks with multiple players but refused to share more details including to specify whether it will be a strategic or a financial investor. Mobikwik already has Sequoia Capital, Bajaj Finance and South African firm Net 1 UEPS Technologies among its investors. The company, whose competitors inclu...
Mobile Wallet Mobikwik Makes its First Ever Acquisition
ACQUISITION

Mobile Wallet Mobikwik Makes its First Ever Acquisition

One of the most popular digital payments company in India Mobikwik has reportedly announced the acquisition of online wealth management platform called Clearfunds. With this move, the mobile wallet seems to foray into the country’s wealth management market. The amount of the acquisition deal, however, has not been disclosed yet. Clearfunds is an online mutual fund investment platform based out of Mumbai. The digital payments major stated that it would be investing $15 million in the coming next years’ time to accelerate its wealth management business. "MobiKwik users will now be able to start their investing journey with as little as Rs. 100," Upasana Taku, Co-Founder and Director, MobiKwik stated. "This is the first-ever acquisition by MobiKwik as we look to build out our full-stack f...
MobiKwik Appoints Three New Business Heads, Aims Four-Fold Growth
News

MobiKwik Appoints Three New Business Heads, Aims Four-Fold Growth

Digital financial services platform MobiKwik has announced the appointment of three new business heads across three different verticals, with an aim to restructure the senior leadership team. The basic idea behind these appointments is to achieve a four-fold growth in the current year. The company has appointed : - Deepak Batra as the Head of Online Business - Jalaj Khurana as the Head for Unorganized Retail - Chandan Joshi as Head of Organized Retail   “MobiKwik is evolving to become India’s largest digital financial services platform. We are in the process of rejigging so as to address the current and future business requirements. The hiring of the three business heads is in line with our business strategy,” said Upasana Taku, cofounder, Mobikwik. Batra who will be ...
Marketing Head Daman Soni steps down from MobiKwik
News

Marketing Head Daman Soni steps down from MobiKwik

Digital Wallet Firm MobiKwik's marketing and growth department head, Daman Soni has resigned from his post, marking another senior level exit from the company. While the firm witnessed a growth as compared to its previous reports it has lost some prominent employees in its senior level hierarchy in a span of last 6-8 months. A year back in November 2017, Akash Gupta Vice President and marketing head to walked away to launch his own green tech venture. Earlier, Vineet Singh, Chief Business Officer too had stepped down in April this year. Additionally, Rukaiya Rangwala, head at payment gateway business also called a quit in April, while retail head Vivek Sinha resigned in May. Soni has confirmed his exit informing that he would be looking at fresh opportunities in the mobile tech...
RBI to Introduce Mobile Wallet Interoperability Soon
News

RBI to Introduce Mobile Wallet Interoperability Soon

While the mobile wallet industry is emerging at an impressive pace in India, it now is looking actively for the Reserve Bank of India to release interoperability guidelines for the industry. Notably, RBI's master directions on Mandatory KYC compliance (Issuance and Operation of Pre-paid Payment Instruments) that came in October 2017 had proposed digital wallets to become interoperable within six months. However, the following discussions with stakeholders had postponed the decision. If sources are to be belived RBI is now determined to bring wallet interoperability rules in a month with a delay of two months after the deadline A report quoting bankers published by ET said, The National Payments Corporation of India (NPCI) has already cleared the safety security aspects of taking wal...
MobiKwik Launches UPI on its Platform via its own VPA Handle
News

MobiKwik Launches UPI on its Platform via its own VPA Handle

The Indian digital financial service platform, MobiKwik has announced to launch Unified Payments Interface (UPI) on its platform through its own VPA handle called “@ikwik” for making payments unlike the one offered by non-banking entities. The company has also assured its users about safety being given utmost priority so that users don't have to worry about data issues even in the case of loss of SIM or device. Additionally, the digital wallet company has claimed to be the first in offering UPI access to a huge base of 3 million merchant payments. Moreover, its UPI app is 100% in compliance with NPCI guidelines and has been declared "most safe" UPI app by NPCI. MobiKwik users will now be able to use their mobile number as their own VPA by default which will be "ikwik". Multiple us...
Mobikwik Plans To Spend 80 Cr in 6 Months
BUSINESS

Mobikwik Plans To Spend 80 Cr in 6 Months

Digital payments firm MobiKwik plans to invest Rs 60-80 crore on marketing and promotions in the next six months as it looks to drive transaction volumes on its platform and get more consumers onboard. MobiKwik, which competes with the likes of Alibaba-backed Paytm and Flipkarts PhonePe, also expects to see 2.5X growth in daily transactions on its platform. "We have seen a phenomenal growth, especially during the ongoing festive season. We have a lot of activities going on that will continue till January. In the next six months, we are looking at a ATL-BTL (marketing and promotions) spend of Rs 60-80 crore," MobiKwik Vice President Marketing Akash Gupta told PTI. Post demonetisation, in November last year, there has been a massive growth in digital transaction volumes in India, in...
Mobikwik Loses Rs 19.6 Cr In A Glitch
News

Mobikwik Loses Rs 19.6 Cr In A Glitch

Minutes after Pixr8 published Mobikwik's launch of Digital ticketing for Mumbai Metro One and shared it on our twitter account, some Mobikwik customers reported that some money went missing in their Mobikwik Wallet. Have a look:   यहां देखे pic.twitter.com/kmgaQhNMNC — irfan anjum (@irfananjum7861) September 29, 2017 MobiKwik, has lost over Rs 19.61 crore due to a technical glitch apparently in its own online payment system. Company officials said the money was allegedly deducted from the firm's own corporate account during online transactions made by some individual customers using the wallet for different recharges and bill payments. In his complaint, Lokesh Rajpal, general counsel of MobiKwik, alleged that certain people took advantage of the technical glitch a...
MobiKwik Partners With Samsung Pay For One-Tap Payments
News

MobiKwik Partners With Samsung Pay For One-Tap Payments

Digital payments company MobiKwik has recently partnered with Samsung Pay, under which consumers will be able to make payments with a single tap using selected Samsung handsets. "As part of the tie-up, MobiKwik wallet is now integrated with Samsung Pay Mini to enable one-tap payments at more than 1.4 million MobiKwik-powered merchants across the country", the digital payments firm Mobikwik said in a statement. Samsung Pay is the feature given by Samsung, in flagship phones- like S8, S7 edge etc. that allows users to just tap and pay using the debit/credit cards and wallets stored on their mobile devices. Samsung launched this service in India in March, 2017. "The future of digital payments in India will thrive only by collaborating with various ecosystem partners to drive acceptance. Mo...