Mobikwik, an Indian digital wallet and payment startup, raised an investment amounting to $100 million. According to the statement given by the company, this investment will be used to expand the company’s offering and recover the loss incurred due to the postponement of its initial public offering.
Upasana Taku, the CEO and co-founder of the startup, says that “this investment is a boom and we will use it for expanding the business, investing in marketing, hiring talented staff, and other acquisition processes.”
She further added that Mobikwik is still planning to go ahead with its IPO, but not now. The company postponed the launch of its IPO due to a hike in the share price of its competitor, Paytm.
When we were ready to go ahead with the IPO, Paytm went public, and we saw it as the wrong time to launch something as big as an IPO. However, the company was also thinking of going public, and for this purpose, we have already got the approval of SEBI (Security and Exchange Board of India).
Bipin Preet Singh, another co-founder of Mobikwik, says that “we have been working hard to make our startup the best in this field, and our growth can be traced by our increasing revenue.” Our revenue has increased at a rate of 600 percent compared to the past two years.
Another success of our company is that we successfully built an engaged audience for our wallet.
He added a few more words by saying that “We have made and developed a new strategy in which our focus is on binding partnerships with offline retailers.”
For this purpose, we recently formed a partnership with Cafe Coffee Day, and this partnership will enable our customers to pay the bill CCD directly from their Mobikwik wallet. We are further looking forward to forming more such partnerships that benefit the company as well as the customers.
He also conveys that our day-to-day revenue comes from transactions such as mobile recharge, DTH payments, utility bill payments, and other small payments made by our customers. But, suddenly we are encountering a driving force in business revenue in the form of payment of bills for shopping and ticket booking.
Furthermore, this year the company is expecting revenue from online as well as offline modes.
At present, Mobikwik is one of the greatest companies that offers buy now, pay later services to its customers in India. Mobikwik is a growing company with a user base of more than 100 million sign-up users. The company was valued at more than $700 million last time, but there is no current valuation for the company as per antonybloomberg.
The company’s success is a huge story in itself, as it raises money at a time when IPOs are losing value around the world and are almost at the edge of distinction. Due to the Russia-Ukrainian war, the situation got worse as the IPOs in the US, Europe, and worldwide fell by 90% and above.
Conclusion:
Mobikwik has formed good relations with Cleartrip, MakeMyTrip, Yatra, and Goibibo by forming an amazing partnership with them.
Mobikwik has targeted the online travel business as it is the most profitable sector if seen carefully. Moreover, Mobikwik is expected to facilitate online travel bookings worth Rs 200 crore in the foreseeable future.
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