Mobile wallet major MobiKwik has announced an investment of Rs 300 crore for expansion aimed at growing its user base from current 50 million to 150 million in 2017.
The increase in user base will also catapult MobiKwik’s annual Gross Merchandise Value (GMV) to $10 billion by end of the year from the current $2 billion.
To support its business ambition, MobiKwik is also launching Supercash, a loyalty initiative aimed to promote digital payments among its users and promises benefits on every transaction. Under the initiative, users can earn reward points at all MobiKwik merchants, including their local mom and pop stores. Users of MobiKwik can start earning Supercash from next week.
Upasana Taku, co-founder, MobiKwik said, “We aim to increase the number of our users to 150 million by the end of this year, targeting $10 billion GMV. The investment of Rs. 300 crores will be deployed in loyalty initiatives, expanding our reach and network, and launching other financial services such as loans and investments on our platform.”
MobiKwik had recently announced setting up offices in 13 cities by the end of Q1 2017 and is in its hiring spree to drive business growth. The company currently has over 1.4 million merchants on its network and aims to grow the base to over 5 million by year end.
Mobile wallets have seen tremendous growth in the past 3 months. With merchants and users experiencing the benefits of digital transactions with wallets, building loyalty as a key feature in the wallet will enable Mobikwik to create an engaged user base. The company added 1.3 million merchants and 15 million users post demonetisation.
