MobiKwik Attains its Success
MobiKwik is an Indian firm which offers you an e-wallet and a digital payment system which is adequate extensively. Additionally, it provides a Supercash which is a cashback in the percentage of the payment amount. MobiKwik is also India’s biggest mobile payments network, used by +300 million users through 75, 000 retailers. It lets you purchase and makes payments at shopping stores, pays bills, recharge, money transfer and making payments.
MobiKwik has 4.1 stars on the Google Play store and has been downloaded by more than 10 million users. It has over 75,000 merchants across the nation including Meru Cabs, Shuttl, OYO Rooms, WHSmith India, BookMyShow, Grofers, Big Basket, Domino’s, Pizza Hut, eBay, ShopClues, Zomato, Barista, PVR, Archies, Yatra, etc.
The Gurugram based firm was founded by husband and wife squad Bipin Preet Singh and Upasana Taku in 2009. Bipin Singh is an IIT Delhi graduate and saw an amazing chance to advance mobile recharge alternatives. With USD $250, Singh started his company in Dwarka, Delhi. The Reserve Bank of India permitted MobiKwik use of the e-wallet and by 2016 Mobikwik started giving small loans for emergency expenses.
On February 26, MobiKwik said the addition of finishing time for Know Your Customer (KYC) convention will corroborate that users are not affected adversely and also the step would have an encouraging result on India’s financial incorporation story. The firm has picked up small finance from a number of high profile angel investors.
Two Senior Directors and Cisco, A US-based web networking hardware firm, have invested Rs 22.25 crore in the digital wallet firm. Gaurav Manglik, Senior Director of CloudCenter at Cisco has funded Rs 1.125 crore via 1,366 Series E3 CCCPS at a price of Rs 8,233.5 each. Tianying Fu, another Chief Director at Cupertino center of Cisco, has funded a similar amount by obtaining 1,366 shares of the same class.
Though Manglik invested in private range, Tianying Yu gushed in the money through The Fu Family Trust. Before turning Sr. Directors at Cisco, both were executives at CliQr Technologies.
This short round comes after Mobikwik closing $3 million (about Rs 24 crore) in a link round from remaining investors. Entrackr had solely reported the round conducted by Sequoia Capital and cooperated by Net1 UPES and GMO Submit Partner. In the past few months, MobiKwik has been launching different gambits to embrace a full pile of users fintech play. In addition to integrating UPI, MobiKwik launched credit spending product – uplift by tying-up NBFCs to allot loans of up to Rs 60,000 and obtained Clearfunds to charge into wealth management space. In February, it included a low-cost immediate insurance facility at cost as low as Rs 20.
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