Recently, India's second largest payment platform MobiKwik ready to open a new round of financing 1.15 billion, valued at more than one billion US dollars. Co-founder Upasana Taku said that the current round of financing will be completed within a few months, but not yet disclose the intention of investors, only claims that there will be a major strategic investors and some financial institutions. If the current round of financing is successful, MobiKwik is expected to compete with India's largest mobile payment and business platform,Paytm.
MobiKwik plans to use $ 45 million in new rounds of financing to grow subscribers and businesses in Mobile Barcode Payment , expand the existing six offices to more than 20, and launch a range of financial services later this year. These financial services will be directly related to the existing partner business of MobiKwik, such as loans, insurance and investment, including with telecom operators BSNL, through the joint brand of wallet applications to its 95 million users to provide financial services.
At present, the service has generated 2 billion US dollars, is expected to reach 10 billion US dollars by the end of this year, in addition to commercial acquisition costs, MobiKwik has achieved full profitability. MobiKwik's total financing amount has reached 125 million US dollars, the current round of financing will make the total financing amount doubled.
Mobile payments accounted for only 15% of India's annual consumption of $ 1.5 trillion, but in the next two years, this figure is expected to reach 60-70% by QR code scanning. Taku points out that MobiKwik's continued focus and new round of financing plans in the payment business are also the only beneficiaries to ensure that Paytm will not be the industry's highest growth.
November 2016, the Indian government issued a banknote order, the mobile payment industry by the policy of good, several large business indicators have increased nearly three times. MobiKwik registered users from 25 million to 55 million, businesses also rose from 250,000 to 1.5 million, such as to maintain this growth, MobiKwik is expected in 2018 has 100 million users and 10 million businesses.
Paytm, which has always been considered the number one competitor to MobiKwik, has a huge advantage in e-commerce and banking resources. Paytm, which had previously invested heavily in Softbank and Alibaba, has become India's second most valuable private technology company, behind Flipkart.
