Mobile Wallet Company Mobikwik is likely to raise $50-100 million (about Rs.325-650 crore) in the next few months to fund its expansion across online and offline platforms. MobiKwik so far has raised close to $30 million (about Rs.195 crore) from Sequoia Capital, American Express, Tree Line Asia and Cisco Investments.
“The company plans to raise another $50-100 million in the next 3-6 months. We are disrupting the payments space by creating an offline retail network of more than 1 lakh merchants across India,” MobiKwik founder and chief executive officer Bipin Preet Singh told PTI. The funds will be used for both online and offline expansion, he added. The company aims to take the monthly total worth of transactions on its platform (monthly gross merchandise value) to touch Rs.700-800 crore over the next 12 months. “Overall, we expect the monthly gross merchandise value (GMV) to be about Rs.700-800 crore in the next 12 months. Of this, about Rs.400 crore with five million transactions a month,” he said.
MobiKwik has partnered merchants like Big Bazaar, WHSmith India, Cafe Coffee Day and Store King in the offline space. In the online space, it has partnered firms like Uber, OYO Rooms, BookMyShow, Grofers, Big Basket, eBay, ShopClues, Myntra, Jabong, Pepperfry and MakeMyTrip among others. It claims to have 25 million users and 50,000 retailers on its platform. The company, which has 10,000 offline merchants as partners, is also looking at aggressively expanding the base to a lakh in the same period.
(With inputs from PTI)