Is MobiKwik Payments App an Indian company?
MobiKwik is an Indian company founded in 2009 that provides a mobile phone based payment system and digital wallet. Customers add money to an online wallet that can be used for payments. 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. 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 November 2016, the company reported having 1.5 million merchants using its service and a user base of 55 million customers.
MobiKwik was established in 2009 by a couple group Bipin Preet Singh and Upasana Taku. Singh, a 2002 alumni of IIT Delhi, saw a chance to improve mobile recharge alternatives. He seeded the organization with USD $250 thousand of his own cash, built up the site and installment alternatives, and leased office space in Dwarka, Delhi. The underlying assistance was a site with a shut wallet office, yet throughout the years, MobiKwik stretched out their support of versatile applications. The organization at first cooperated with online traders to make their wallet accessible as an installment alternative on internet business destinations.
In 2013, after organizer Singh’s underlying $250k seed venture, MobiKwik brought $5 million up in Series A subsidizing from an anonymous US-based VC firm. In 2015, Series B adjusts from Singaporean speculation firm Tree Line Asia and American firm Sequoia Capital, with cooperation from US innovation organization Cisco Systems and money related administrations organization American Express raised an extra USD$31 million. In May 2016, the organization declared a $50 million Series C round, drove by Japanese Internet organization GMO Internet, and Taiwanese semiconductor firm MediaTek, alongside financial specialists including Sequoia and Treeline Asia, bringing organization subsidizing to date to more than $80 million.
On 19 June 2017, Medianama detailed that Mobikwik had affirmed to them that they had raised $150 million at a valuation of $1 billion from undisclosed investors.
On 3 August 2017, Bajaj Finance got 10.83% stake in MobiKwik for Rs. 225 crores.