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MobiKwik

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Indian financial technology company

MobiKwik
Company typePublic
Traded asNSE: MOBIKWIK
BSE: 544305
IndustryFinancial technology
FoundedApril 2009; 15 years ago (2009-04)
Founders
  • Bipin Preet Singh
  • Upasana Taku
HeadquartersGurgaon, Haryana, India
Area servedIndia
Products
RevenueIncrease ₹875 crore (US$100 million) (FY24)
Net incomeIncrease ₹14 crore (US$1.6 million) (FY24)
Owners
ParentOne MobiKwik Systems Limited
Websitemobikwik.com

MobiKwik is an Indian financial technology company, founded in 2009 that provides a mobile phone-based payment system and digital wallet. In 2013 the Reserve Bank of India authorized the company's use of the MobiKwik wallet, and in May 2016 the company began providing small loans to consumers as part of its service.

In November 2016, the company reported having 1.5 million merchants using its service and a user base of 55 million customers. The company employs over 325 people, operating in three segments including consumer payments, fintech, and payment gateway.

History

MobiKwik founder Bipin Singh (second from right) at the 2016 Rise Conference

MobiKwik was founded in 2009 by the husband and wife duo, Bipin Preet Singh and Upasana Taku. Singh, a 2002 graduate of IIT Delhi, seeded the company, developed the website and payment options, and rented office space in Dwarka, Delhi. The initial service was a website with a closed wallet facility, but over the years, MobiKwik extended their service to mobile apps. The company initially partnered with online merchants to make their wallet available as a payment option on e-commerce sites.

MobiKwik launched a digital wallet system in 2012 that enabled users to deposit money online to use for bill payments and other features. MobiKwik's semi-closed wallet was authorized by the Reserve Bank of India (RBI) in 2013. They also introduced the feature of sending and receiving money via a mobile app. In September 2014, Express Computer reported that MobiKwik was partnering with GoDaddy and other international companies to help them comply with Indian payment regulations. In April 2015, MobiKwik claimed to have 15 million users, according to Forbes India magazine.

In 2015, MobiKwik raised $25 million in Series B funding from Chinese investment firm Tree Line Asia, Sequoia Capital, Cisco Systems and American Express. In May 2016, the company announced a $50 million Series C round, led by GMO Internet and MediaTek, along with existing investors including Sequoia and Treeline Asia.

In a partnership with CashCare, MobiKwik began providing small loans between ₹500–₹2,500 to customers in May 2016. The company launched its MobiKwik Lite mobile app in November 2016, designed for users of older 2G mobile networks and for those in areas with poor internet connectivity. In the same month, MobiKwik had over 1.5 million merchants using its service and 55 million users. Following the 2016 Indian banknote demonetisation in November 2016, MobiKwik witnessed a 400% increase in financial transactions using the service by late December 2016.

In August 2017, Bajaj Finance picked up 10.83% stake in MobiKwik for ₹225 crore.

In 2019, MobiKwik announced a new partnership with DT One to expand their service internationally. In 2019, the company began offering loans, insurance and investment advice.

In May 2020, Mobikwik was briefly removed from the Google Play Store for violation of Google's advertisement policy.

On 25 February 2021, an Indian security researcher named Rajshekhar Rajaharia claimed that a hacker group called Jordandaven stole the KYC details of nearly 100 million MobiKwik users from a company server and put them up for sale on the dark web. On 4 March 2021, company denied the claim and said it would take legal action against the researcher. Later, multiple independent researchers and users confirmed that their Mobikwik data was available online, and on 30 March 2021, TechCrunch reported that company was hiring a third-party to conduct a forensic data security audit.

The Abu Dhabi Investment Authority purchased a 2.7% stake in MobiKwik for $20 million in June 2021. The Economic Times reported that MobiKwik had reached a valuation of $1 billion in October 2021, following a secondary employee stock ownership sale led by former Blackstone India chief Mathew Cyriac. The same year, MobiKwik filed for an initial public offering (IPO) to raise ₹1,900 crore (US$257.04 million), but later deferred its IPO plans.

In 2022, Mobikiwik suspended transactions from its e-wallet services to all major crypto exchanges in India.

In September 2024, MobiKwik received criticism after it suspended "anytime withdrawals" on its Xtra peer-to-peer lending platform. Investors complained that their money was being reinvested in new borrowers without their consent. MobiKwik stated that the withdrawal policy was changed by its P2P partner Lendbox and that users will not be able to withdraw their money as per previous terms.

In December 2024, the company launched its initial public offering and raised ₹572 crore.

Products and services

MobiKwik provides financial services including loan, accident insurance, life insurance, fire insurance, IMPS money transfer, credit card bill payment, mutual funds, and DTH recharge.

MobiKwik introduced a buy now, pay later (BNPL) and line of credit service named Zip partnering with Lendbox and Cashfree. Its peer-to-peer lending platform called Xtra was started in partnership with Lendbox.

References

  1. ^ "Mobikwik reports net profit of Rs 14 crore in FY24, revenue up 62%". The Economic Times. 20 August 2024. Retrieved 3 September 2024.
  2. Mishra, Digbijay; Manikandan, Ashwin. "Mobikwik files DRHP to raise Rs 1,900 crore via IPO". The Economic Times. Retrieved 24 November 2021.
  3. ^ Kulkarni, Srinivas (19 August 2013). "Mobikwik aims to be India's top mobile wallet". ZDNet. Retrieved 8 June 2017.
  4. ^ Hussain, Shabana. "Mobikwik's journey and the path ahead". Forbes India. Retrieved 6 April 2015.
  5. "Reserve Bank of India - Publications". www.rbi.org.in. Retrieved 19 July 2020.
  6. "5 digital payment platforms you can use during Coronavirus Lockdown". India Today. 20 April 2020.
  7. ^ Srivastav, Taruka (8 June 2017). "Digital Payments, AI and VR will power the Indian economy in future". The Drum. Retrieved 8 June 2017.
  8. "MobiKwik to invest Rs 300 cr to expand user base". The Hindu. 23 February 2017. Retrieved 23 February 2017.
  9. ^ Das, Goutam (4 June 2017). "Shrinking wallets". Business Today. Retrieved 8 June 2017.
  10. "MobiKwik net revenue surges 134% to Rs 379 crore in FY20; eyes profits this fiscal". The Economic Times. Retrieved 19 July 2020.
  11. "MobiKwik fund transfer business grows 400%". The Economic Times. 10 June 2019. Retrieved 5 May 2020.
  12. Raghunathan, Anu (15 April 2016). "India's MobiKwik Aims To Hit $1 Billion In Revenue, Says Cofounder Upasana Taku". Forbes.com. Retrieved 23 February 2017.
  13. ^ "Seven successful enterprises by IIT graduates". The Economic Times. 6 May 2013. Retrieved 23 February 2017.
  14. "Mobikwik's journey and the path ahead". Forbes India. 6 April 2015. Retrieved 23 February 2017.
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  17. ^ Pahwa, Nikhil (12 August 2013). "Paytm, Mobikwik Allocated Prepaid Wallet Licenses By RBI; Flipkart?". MediaNama. Retrieved 29 October 2014.
  18. "Recharge, Pay Through E-Wallet MobiKwik's Android app is the highest rated Recharge app on Google Play". Business World. 8 November 2004. Retrieved 23 February 2017.
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  22. Nair, Vishwanath (2 June 2016). "Is Mobikwik treading on thin ice with 'annual profit' offer?". Mint. Retrieved 8 June 2017.
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  24. Srivats, K. R. (28 November 2016). "MobiKwik launches MobiKwik 'Lite'". Business Line. Retrieved 19 July 2020.
  25. Srivastava, Moulishree (12 July 2016). "Mobikwik launches new version of its mobile wallet app". Business Standard. Retrieved 8 June 2017.
  26. "MobiKwik sees 400% rise in transactions post demonetisation". The Indian Express. 27 December 2016. Retrieved 8 June 2017.
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  29. "Aarogya Setu link: Google Play Store removes MobiKwik, reinstates later". Business Today. 29 May 2020. Retrieved 27 December 2024.
  30. "Data of 10 crore Mobikwik users for sale on dark web, say cybersecurity experts". The Economic Times. 30 March 2021. Retrieved 31 March 2021.
  31. "MobiKwik Denies Alleged User Data Leak on Dark Web". NDTV. No. 30 March 2021. Retrieved 31 March 2021.
  32. "MobiKwik investigating data breach after 100M user records found online". TechCrunch. No. 30 March 2021. Retrieved 31 March 2021.
  33. "Mobikwik raises $20 million from ADIA at over $700 million valuation". The Economic Times. Retrieved 24 November 2021.
  34. "MobiKwik turns unicorn ahead of IPO". The Economic Times. Retrieved 24 November 2021.
  35. Mishra, Digbijay; Manikandan, Ashwin (13 July 2021). "Mobikwik files DRHP to raise Rs 1,900 crore via IPO". The Economic Times.
  36. "MobiKwik to delay planned IPO following Paytm's dismal market debut: CEO". Business Today. 23 November 2021. Retrieved 27 December 2024.
  37. Kumar, Harsh (9 April 2022). "MobiKwik Withdraws E-Wallet Services From Crypto Exchanges, Say Industry Executives". www.outlookindia.com/. Retrieved 12 April 2022.
  38. Singh, Ritu (9 September 2024). "MobiKwik Xtra suspends 'anytime withdrawals' following RBI's recent directions on P2P lending - CNBC TV18". CNBC TV18. Retrieved 15 September 2024.
  39. Bhakta, Pratik (5 September 2024). "P2P investors take to social media to vent against new RBI rules". The Economic Times. ISSN 0013-0389. Retrieved 15 September 2024.
  40. Upadhyay, Harsh (9 September 2024). "MobiKwik Xtra suspends 'anytime withdrawals'; draws flak from users". Entrackr. Retrieved 15 September 2024.
  41. "Mobikwik IPO fully subscribed: Retail investors drive demand on Day 1". Business Standard. Retrieved 27 December 2024.
  42. "From loans to mutual funds to insurance, MobiKwik aims to tap new markets". Mint. 8 July 2019. Retrieved 9 December 2019.
  43. Bhakta, Pratik (27 September 2016). "Mobikwik crosses one lakh users for its Auto Recharge feature". The Economic Times. Retrieved 9 December 2019.
  44. Dubey, Navneet (6 December 2019). "RBI to introduce new prepaid payment instrument for digital transactions up to Rs 10,000". The Economic Times. Retrieved 9 December 2019.
  45. "Mobikwik, Max Bupa Launch Pocket-Sized Insurance Products Starting at Rs 20". News18. 26 June 2019. Retrieved 9 December 2019.
  46. "IMPS transaction in May rises 5x YoY to Rs 362cr: MobiKwik". Moneycontrol. Retrieved 9 December 2019.
  47. "MobiKwik, Aditya Birla Health Insurance introduce Cancer Protect Cover starting Rs 125". The Economic Times. 2 December 2019. Retrieved 9 December 2019.
  48. "MobiKwik's 'Boost' to offer instant loan in 90 seconds". The Economic Times. 3 October 2018. Retrieved 9 December 2019.
  49. Computer, Express (31 August 2023). "MobiKwik collaborates with Cashfree Payments to offer its ZIP payment option to over 20,000 online retailers". Express Computer. Retrieved 11 October 2024.
  50. "Where can one use ZIP Pay Later by MobiKwik?". APN News. 20 July 2021. Retrieved 11 October 2024.
  51. Bhalla, Tarush (19 September 2022). "MobiKwik launches investment product Xtra, scales AUM to over Rs 100 crore". The Economic Times. ISSN 0013-0389. Retrieved 15 September 2024.

Further reading

External links

Mobile payment software
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Financial technology in India
Payment gateways
Mobile wallets
Online investments
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