MobiKwik to cross 10 million user mark by November 2014

Digital wallet service from MobiKwik, is estimating to reach the user base of 10 million by November, 2014.

In digital wallet, people can load money and that can be used for making payments over Internet through their computer or smartphone.

MobiKwik has the largest number of wallet users in the country today. The company is presently focusing on raising $25 Million to further propel its growth.

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With 8 million wallet users, MobiKwik powers 2,00,000 transactions daily. The company claimed that it is adding an average of 30,000 new users ever day and handling about 2 lakh transaction across 5,000 merchants on e-commerce websites.

MobiKwik said its 10 per cent of current revenue is driven by the third-party e-commerce sites and application-based transactions. By March 2015, the company expects these transactions to account for about 30 per cent of the total revenue generated.

The company also has plans to increase it headcount to 150 by end of this year from 90 at present.

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MobiKwik has initiated several co-branded marketing activities in association with the partner merchants such as Domino’s to steer users to adopt the wallet method of making purchases.

The company has also partnered with eBay India and offers an exclusive 15% discount for users who choose to make payments via their MobiKwik wallets.

With these partnerships in place, MobiKwik is likely to see an even more rapid expansion in its user base and growth figures in the near future.

“By parking money in their MobiKwik wallets once, users can make multiple purchases without the hassle of going back and forth between e-commerce websites, payment gateways, and banks.” said Bipin Preet Singh – founder CEO, MobiKwik.


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