Digital wallet provider MobiKwik on Thursday announced that it will invest ₹300 crore in the current year as it looks to triple its customer base to 150 million.
“The company aims to become three times larger in the year, acquiring over 100 million users,” Upasana Taku, Co-Founder of MobiKwik said. “The increase in user base will also catapult MobiKwik’s annual Gross Merchandise Value to $10 billion by end of the year from the current $2 billion.”
The investment of ₹300 crore will go into loyalty initiatives, expanding reach & network, and introduction of other financial services such as loans & investments on our platform, she added.
The company, which competes with Alibaba-backed Paytm, said that it will also roll out Supercash, a loyalty initiative that promises benefits to users on every transaction.
“Supercash is the first ever loyalty initiative launched by a mobile wallet in India…Users can earn reward points at all MobiKwik merchants…These points can be used on every transaction thus enabling the user to save money every time he transacts on Mobikwik,” a company statement said.
1.4 million merchants
MobiKwik currently has over 1.4 million merchants on its network and aims to grow the base to over 5 million by year end.
Founded in 2009 by Bipin Preet Singh and Upasana Taku, the company has raised three rounds of funding from Sequoia Capital, American Express,Tree Line Asia, MediaTek, GMO Payment Gateway and Cisco Investments, according to a posting on its website.
