Company:MobiKwik

From HandWiki
MobiKwik
TypePublic
NSE: MOBIKWIK
BSE: 544305
IndustryFinancial technology
FoundedApril 2009; 16 years ago (2009-04)
Founders
  • Bipin Preet Singh
  • Upasana Taku
HeadquartersGurgaon, Haryana, India
Area served
India
Products
RevenueIncrease ₹875 crore (US$120 million) (FY24)[1]
Increase ₹14 crore (US$2.0 million) (FY24)[1]
Owners
  • Bipin Preet Singh (20.21%)
  • Upasana Taku (14.31%)
  • Sequoia Capital India (17.25%)
  • Bajaj Finance (13.86%)
  • Net1 Applied Technologies (10.79%)
  • Others (24.58%)[2]
ParentOne MobiKwik Systems Limited
Websitewww.mobikwik.com

MobiKwik is an Indian financial technology company, founded in 2009 that provides a mobile phone-based payment system and digital wallet.[3][4] In 2013 the Reserve Bank of India authorized the company's use of the MobiKwik wallet,[5] and in May 2016 the company began providing small loans to consumers as part of its service.[6]

In November 2016, the company reported having 1.5 million merchants using its service and a user base of 55 million customers.[7][8][9] The company employs over 325 people, operating in three segments including consumer payments, fintech, and payment gateway.[10]

History

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

MobiKwik was founded in 2009[11] by the husband and wife duo, Bipin Preet Singh and Upasana Taku.[3][12] Singh, a 2002 graduate of IIT Delhi, seeded the company, developed the website and payment options, and rented office space in Dwarka, Delhi.[13] The initial service was a website with a closed wallet facility, but over the years, MobiKwik extended their service to mobile apps.[14] The company initially partnered with online merchants to make their wallet available as a payment option on e-commerce sites.[15]

MobiKwik launched a digital wallet system in 2012 that enabled users to deposit money online to use for bill payments and other features.[13] MobiKwik's semi-closed wallet was authorized by the Reserve Bank of India (RBI) in 2013.[3][16][17] They also introduced the feature of sending and receiving money via a mobile app.[18] In September 2014, Express Computer reported that MobiKwik was partnering with GoDaddy and other international companies to help them comply with Indian payment regulations.[19] In April 2015, MobiKwik claimed to have 15 million users, according to Forbes India magazine.[4]

In 2015, MobiKwik raised $25 million in Series B funding from Chinese investment firm Tree Line Asia, Sequoia Capital, Cisco Systems and American Express.[20] 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.[21]

In a partnership with CashCare, MobiKwik began providing small loans between ₹500–₹2,500 to customers in May 2016.[22][23] 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.[24][25] In the same month, MobiKwik had over 1.5 million merchants using its service and 55 million users.[7][9] Following the 2016 Indian banknote demonetisation in November 2016, MobiKwik witnessed a 400% increase in financial transactions using the service by late December 2016.[26]

In August 2017, Bajaj Finance picked up 10.83% stake in MobiKwik for ₹225 crore.[27]

In 2019, MobiKwik announced a new partnership with DT One to expand their service internationally.[28] In 2019, the company began offering loans, insurance and investment advice.[28]

In May 2020, Mobikwik was briefly removed from the Google Play Store for violation of Google's advertisement policy.[29]

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.[30] 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,[31] and on 30 March 2021, TechCrunch reported that company was hiring a third-party to conduct a forensic data security audit.[32]

The Abu Dhabi Investment Authority purchased a 2.7% stake in MobiKwik for $20 million in June 2021.[33] 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.[34] The same year, MobiKwik filed for an initial public offering (IPO) to raise ₹1,900 crore (Template:INRConvert/HistoricalRate/Formatted),[35] but later deferred its IPO plans.[36]

In 2022, Mobikiwik suspended transactions from its e-wallet services to all major crypto exchanges in India.[37]

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.[38][39] 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.[40]

In December 2024, the company launched its initial public offering and raised ₹572 crore.[41]

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.[42][43][44][45][46][47][48][excessive citations]

MobiKwik introduced a buy now, pay later (BNPL) and line of credit service named Zip partnering with Lendbox and Cashfree.[49][50] Its peer-to-peer lending platform called Xtra was started in partnership with Lendbox.[51]

References

  1. ↑ 1.0 1.1 "Mobikwik reports net profit of Rs 14 crore in FY24, revenue up 62%". The Economic Times. 20 August 2024. https://economictimes.indiatimes.com/tech/technology/mobikwik-reports-net-profit-of-rs-14-crore-in-fy24-revenue-up-62/articleshow/112655568.cms?from=mdr. 
  2. ↑ Mishra, Digbijay; Manikandan, Ashwin. "Mobikwik files DRHP to raise Rs 1,900 crore via IPO". https://economictimes.indiatimes.com/tech/startups/mobikwik-files-drhp-to-raise-rs-1900-crore-via-ipo/articleshow/84348430.cms. 
  3. ↑ 3.0 3.1 3.2 Kulkarni, Srinivas (19 August 2013). "Mobikwik aims to be India's top mobile wallet". ZDNet. https://www.zdnet.com/article/mobikwik-aims-to-be-indias-top-mobile-wallet/. 
  4. ↑ 4.0 4.1 Hussain, Shabana. "Mobikwik's journey and the path ahead". Forbes India. http://forbesindia.com/article/work-in-progress/mobikwiks-journey-and-the-path-ahead/39905/1. Retrieved 6 April 2015. 
  5. ↑ "Reserve Bank of India - Publications". https://www.rbi.org.in/scripts/publicationsview.aspx?id=12043. 
  6. ↑ "5 digital payment platforms you can use during Coronavirus Lockdown" (in en). India Today. 20 April 2020. https://www.indiatoday.in/information/story/5-digital-payment-platforms-you-can-use-to-make-payment-during-coronavirus-lockdown-1668921-2020-04-20. 
  7. ↑ 7.0 7.1 Srivastav, Taruka (8 June 2017). "Digital Payments, AI and VR will power the Indian economy in future". http://www.thedrum.com/news/2017/06/08/digital-payments-ai-and-vr-will-power-the-indian-economy-future. 
  8. ↑ "MobiKwik to invest Rs 300 cr to expand user base". 23 February 2017. http://www.thehindu.com/business/Industry/mobikwik-to-invest-300-cr-to-expand-user-base/article17355735.ece. 
  9. ↑ 9.0 9.1 Das, Goutam (4 June 2017). "Shrinking wallets". http://www.businesstoday.in/magazine/features/shrinking-wallets/story/252037.html. 
  10. ↑ "MobiKwik net revenue surges 134% to Rs 379 crore in FY20; eyes profits this fiscal". The Economic Times. https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/mobikwik-net-revenue-surges-134-to-rs-379-crore-in-fy20-eyes-profits-this-fiscal/articleshow/76979802.cms. 
  11. ↑ "MobiKwik fund transfer business grows 400%". The Economic Times. 2019-06-10. https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/mobikwik-fund-transfer-business-grows-400/articleshow/69722269.cms. 
  12. ↑ Raghunathan, Anu (15 April 2016). "India's MobiKwik Aims To Hit $1 Billion In Revenue, Says Cofounder Upasana Taku". https://www.forbes.com/sites/anuraghunathan/2016/04/15/mobikwiks-upasana-taku-wants-her-payments-co-to-touch-one-billion-in-2017/#32cda4961c90. 
  13. ↑ 13.0 13.1 "Seven successful enterprises by IIT graduates". 6 May 2013. http://economictimes.indiatimes.com/slideshows/biz-entrepreneurship/seven-successful-enterprises-by-iit-graduates/bipin-preet-singhs-mobikwik/slideshow/19911445.cms. 
  14. ↑ "Mobikwik's journey and the path ahead". 6 April 2015. http://www.forbesindia.com/article/work-in-progress/mobikwiks-journey-and-the-path-ahead/39905/1. 
  15. ↑ Balanarayan, B T (4 June 2014). "Mobikwik integrates wallet to e-commerce sites". MediaNama. http://www.medianama.com/2014/06/223-mobikwik-integrates-wallet-to-e-commerce-sites-but-skips-rbi-cashout-pilot/. 
  16. ↑ Variyar, Mugdha; Bhakta, Pratik (14 March 2017). "RBI to now open up UPI for digital wallets like Paytm and MobiKwik". The Economic Times. http://economictimes.indiatimes.com/news/economy/policy/rbi-to-now-open-up-upi-for-digital-wallets-like-paytm-and-mobikwik/articleshow/57622078.cms. 
  17. ↑ Pahwa, Nikhil (12 August 2013). "Paytm, Mobikwik Allocated Prepaid Wallet Licenses By RBI; Flipkart?". MediaNama. http://www.medianama.com/2013/08/223-paytm-mobikwik-allocated-prepaid-wallets-by-rbi-flipkart/. 
  18. ↑ "Recharge, Pay Through E-Wallet MobiKwik's Android app is the highest rated Recharge app on Google Play". Business World. 8 November 2004. http://businessworld.in/article/Recharge-Pay-Through-E-Wallet/08-11-2014-69877/. 
  19. ↑ Chakraborty, Sayan (30 September 2014). "Local mobile wallets MobiKwik, Paytm find many a taker in global names". Express Computer. Express Computer. http://computer.expressbpd.com/features/local-mobile-wallets-mobikwik-paytm-find-many-a-taker-in-global-names/. 
  20. ↑ Aggarwal, Varun. "Cisco, Amex & Treeline invest $ 25 million in Mobikwik". The Economic Times. http://economictimes.indiatimes.com/tech/ites/cisco-amex-treeline-invest-25-million-in-mobikwik/articleshow/46844029.cms. 
  21. ↑ Russell, Jon (3 May 2016). "India's MobiKwik raises $50M for its mobile wallet service". Techcrunch. https://techcrunch.com/2016/05/03/indias-mobikwik-raises-50m-for-its-mobile-wallet-service/. 
  22. ↑ Nair, Vishwanath (2 June 2016). "Is Mobikwik treading on thin ice with 'annual profit' offer?". http://www.livemint.com/Companies/Fp8QQPcumTeY4KYKp4IgqK/Is-Mobikwik-treading-on-thin-ice-with-annual-profit-offer.html. 
  23. ↑ "Mobikwik wants to add financial services and offline food companies to its wallet". The Economic Times. 20 May 2016. http://economictimes.indiatimes.com/small-biz/startups/mobikwik-wants-to-add-financial-services-and-offline-food-companies-to-its-wallet/articleshow/52353042.cms. 
  24. ↑ Srivats, K. R. (28 November 2016). "MobiKwik launches MobiKwik 'Lite'" (in en). https://www.thehindubusinessline.com/info-tech/mobikwik-launches-mobikwik-lite/article9395115.ece. 
  25. ↑ Srivastava, Moulishree (12 July 2016). "Mobikwik launches new version of its mobile wallet app". http://www.business-standard.com/article/technology/mobikwik-launches-new-version-of-its-mobile-wallet-app-116071201295_1.html. 
  26. ↑ "MobiKwik sees 400% rise in transactions post demonetisation". 27 December 2016. http://indianexpress.com/article/technology/tech-news-technology/mobikwik-sees-400-rise-in-transactions-post-demonetisation/. 
  27. ↑ "Bajaj Finance Picks Up 10.83% Stakes in MobiKwik for Rs. 225 crores - TechStory" (in en-US). TechStory. 3 August 2017. http://techstory.in/bajaj-finance-mobikwik-2017/. 
  28. ↑ 28.0 28.1 "India's payments firm MobiKwik kick-starts its international ambitions with cross-border mobile top-ups" (in en-US). 17 June 2019. https://techcrunch.com/2019/06/17/mobikwik-international-mobile-recharges/. 
  29. ↑ "Aarogya Setu link: Google Play Store removes MobiKwik, reinstates later" (in en). Business Today. 29 May 2020. https://www.businesstoday.in/technology/news/story/aarogya-setu-link-google-play-store-removes-mobikwik-reinstates-later-259646-2020-05-29. 
  30. ↑ "Data of 10 crore Mobikwik users for sale on dark web, say cybersecurity experts". The Economic Times. 30 March 2021. https://economictimes.indiatimes.com/tech/startups/mobikwik-data-breach-personal-data-of-over-10-crore-users-allegedly-available-on-sale/articleshow/81756544.cms. 
  31. ↑ "MobiKwik Denies Alleged User Data Leak on Dark Web" (in en). NDTV (30 March 2021). https://gadgets.ndtv.com/apps/news/mobikwik-data-leak-breach-hack-company-deny-security-researchers-update-2402351. 
  32. ↑ "MobiKwik investigating data breach after 100M user records found online". TechCrunch (30 March 2021). https://techcrunch.com/2021/03/30/mobikwik-investigating-data-breach-after-100m-user-records-found-online/. 
  33. ↑ "Mobikwik raises $20 million from ADIA at over $700 million valuation". The Economic Times. https://economictimes.indiatimes.com/tech/funding/adia-picks-up-minority-stake-in-mobikwik-at-valuation-of-700-million/articleshow/83893227.cms. 
  34. ↑ "MobiKwik turns unicorn ahead of IPO". The Economic Times. https://economictimes.indiatimes.com/tech/startups/mobikwik-turns-unicorn-ahead-of-ipo/articleshow/86967119.cms. 
  35. ↑ Mishra, Digbijay; Manikandan, Ashwin (13 July 2021). "Mobikwik files DRHP to raise Rs 1,900 crore via IPO". https://economictimes.indiatimes.com/tech/startups/mobikwik-files-drhp-to-raise-rs-1900-crore-via-ipo/articleshow/84348430.cms. 
  36. ↑ "MobiKwik to delay planned IPO following Paytm's dismal market debut: CEO" (in en). Business Today. 23 November 2021. https://www.businesstoday.in/markets/ipo-corner/story/mobikwik-to-delay-planned-ipo-following-paytms-dismal-market-debut-ceo-313098-2021-11-23. 
  37. ↑ Kumar, Harsh (2022-04-09). "MobiKwik Withdraws E-Wallet Services From Crypto Exchanges, Say Industry Executives" (in en). https://www.outlookindia.com/business/mobikwik-withdraws-e-wallet-services-from-crypto-exchanges-say-industry-executives--news-190869. 
  38. ↑ Singh, Ritu (2024-09-09). "MobiKwik Xtra suspends 'anytime withdrawals' following RBI's recent directions on P2P lending - CNBC TV18" (in en). https://www.cnbctv18.com/business/finance/mobikwik-xtra-suspends-anytime-withdrawals-rbi-p2p-lending-new-rules-nbfc-19473020.htm. 
  39. ↑ Bhakta, Pratik (2024-09-05). "P2P investors take to social media to vent against new RBI rules". The Economic Times. ISSN 0013-0389. https://economictimes.indiatimes.com/tech/technology/p2p-investors-grapple-with-amended-rbi-rules-vent-ire-on-social-media/articleshow/113068953.cms. 
  40. ↑ Upadhyay, Harsh (2024-09-09). "MobiKwik Xtra suspends 'anytime withdrawals'; draws flak from users" (in en-US). https://entrackr.com/2024/09/mobikwik-xtra-suspends-anytime-withdrawals-draws-flak-from-users/. 
  41. ↑ "Mobikwik IPO fully subscribed: Retail investors drive demand on Day 1". Business Standard. https://www.business-standard.com/markets/news/mobikwik-ipo-fully-subscribed-retail-investors-drive-demand-on-day-1-124121100337_1.html. 
  42. ↑ "From loans to mutual funds to insurance, MobiKwik aims to tap new markets" (in en). 2019-07-08. https://www.livemint.com/companies/start-ups/from-loans-to-mutual-funds-to-insurance-mobikwik-aims-to-tap-new-markets-1562568771357.html. 
  43. ↑ Bhakta, Pratik (2016-09-27). "Mobikwik crosses one lakh users for its Auto Recharge feature". The Economic Times. https://economictimes.indiatimes.com/small-biz/startups/mobikwik-crosses-one-lakh-users-for-its-auto-recharge-feature/articleshow/54544770.cms. 
  44. ↑ Dubey, Navneet (2019-12-06). "RBI to introduce new prepaid payment instrument for digital transactions up to Rs 10,000". The Economic Times. https://economictimes.indiatimes.com/wealth/personal-finance-news/rbi-to-introduce-new-prepaid-payment-instrument-to-make-for-digital-transactions-up-to-rs-10000/articleshow/72379968.cms. 
  45. ↑ "Mobikwik, Max Bupa Launch Pocket-Sized Insurance Products Starting at Rs 20". 26 June 2019. https://www.news18.com/news/business/mobikwik-max-bupa-launch-pocket-sized-insurance-products-starting-at-rs-20-2204407.html. 
  46. ↑ "IMPS transaction in May rises 5x YoY to Rs 362cr: MobiKwik". https://www.moneycontrol.com/news/business/imps-transaction-in-may-rises-5x-yoy-to-rs-362cr-mobikwik-4079151.html. 
  47. ↑ "MobiKwik, Aditya Birla Health Insurance introduce Cancer Protect Cover starting Rs 125". The Economic Times. 2019-12-02. https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/mobikwikaditya-birla-health-insurance-introduce-cancer-protect-cover-starting-rs-125/articleshow/72328294.cms. 
  48. ↑ "MobiKwik's 'Boost' to offer instant loan in 90 seconds". The Economic Times. 2018-10-03. https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/mobikwiks-boostto-offer-instant-loan-in-90-seconds/articleshow/66053630.cms. 
  49. ↑ Computer, Express (2023-08-31). "MobiKwik collaborates with Cashfree Payments to offer its ZIP payment option to over 20,000 online retailers" (in en-US). https://www.expresscomputer.in/news/mobikwik-collaborates-with-cashfree-payments-to-offer-its-zip-payment-option-to-over-20000-online-retailers/102953/. 
  50. ↑ "Where can one use ZIP Pay Later by MobiKwik?" (in en-US). 2021-07-20. https://www.apnnews.com/where-can-one-use-zip-pay-later-by-mobikwik/. 
  51. ↑ Bhalla, Tarush (2022-09-19). "MobiKwik launches investment product Xtra, scales AUM to over Rs 100 crore". The Economic Times. ISSN 0013-0389. https://economictimes.indiatimes.com/tech/startups/mobikwik-launches-investment-product-xtra-scales-aum-to-over-rs-100-crore/articleshow/94287134.cms. 

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