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MobiKwik

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MobiKwik
Company typePublic
NSE: MOBIKWIK
BSE: 544305
IndustryFinancial technology
FoundedApril 2009; 15 years ago (2009-04)
Founders
  • Bipin Preet Singh
  • Upasana Taku
HeadquartersGurgaon, Haryana, India
Area served
India
Products
RevenueIncrease ₹875 crore (US$100 million) (FY24)[1]
Increase ₹14 crore (US$1.6 million) (FY24)[1]
Owners
ParentOne MobiKwik Systems Limited
Websitemobikwik.com

MobiKwik is an Indian financial technology company, founded in 2009 that provides a mobile phone-based payment system and digital wallet.[3][4]

With full-year profitability of ₹14.08 crore in FY24, the company demonstrated a strong financial growth with total income of ₹293.6 crores (up 42% YoY) and contribution margin of ₹117.9 crores (up 56.2% YoY) in FY25.[5]

As of January 2025, MobiKwik holds a total user base of 167 million customers and 4.4 million merchants.[6] With a workforce of over 800 individuals, the company caters to the financial needs of users via payments, investments, loans, and more. On the merchant side, it empowers their businesses as their primary payment partner by offering a range of financial services such as QR, Soundbox, EDC machine & more.[7]

In December 2024, the company launched its initial public offering (IPO) and raised ₹572 crore. The IPO was oversubscribed about 120 times the shares offered. [8]

History

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MobiKwik founder Bipin Singh (second from right) at the 2016 Rise Conference

2009-19

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MobiKwik was founded in 2009[9] by the husband and wife duo, Bipin Preet Singh and Upasana Taku.[3][10] Singh, a 2002 graduate of IIT Delhi, seeded the company, developed the website and payment options, and rented office space in Dwarka, Delhi.[11] The initial service was a website with a closed wallet facility, but over the years, MobiKwik extended their service to mobile apps.[12] The company initially partnered with online merchants to make their wallet available as a payment option on e-commerce sites.[13]

MobiKwik launched a digital wallet system in 2012 that enabled users to deposit money online to use for bill payments and other features.[11] MobiKwik's semi-closed wallet was authorized by the Reserve Bank of India (RBI) in 2013.[3][14][15][15] They also introduced the feature of sending and receiving money via mobile application.[16] In April 2015, MobiKwik claimed to have 15 million users, according to Forbes India magazine.[4]

In the same year, MobiKwik raised $25 million in Series B funding from Chinese investment firm Tree Line Asia, Sequoia Capital, Cisco Systems and American Express.[17] In May 2016, the company announced a $50 million Series C round, led by GMO Internet and MediaTek, along with existing investors including Sequoia and Treeline Asia.[18]

In a partnership with CashCare, MobiKwik began providing small loans between ₹500–₹2,500 to customers in May 2016.[19][20] The company launched its MobiKwik Lite mobile app in November 2016, designed for users of older 2G mobile networks and for those in areas with poor internet connectivity.[21][22] In the same month, MobiKwik had over 1.5 million merchants using its service and 55 million users.[23][24] Following the 2016 Indian banknote demonetisation in November 2016, MobiKwik witnessed a 400% increase in financial transactions using the service by late December 2016.[25]

In August 2017, Bajaj Finance picked up 10.83% stake in MobiKwik for ₹225 crore.[26]

In October 2018, MobiKwik acquired wealth management start-up Clearfunds. Thus, opening an avenue for mutual fund investments and allowing its users to start investing with as little as ₹100.[27]

In 2019, MobiKwik announced a new partnership with DT One to expand their service internationally.[28] In the same year, the company launched MobiKwik ZIP for offering instant credit and received RBI authorisation to serve as Bharat Bill Payment Operating Unit.[29]

2020-present

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The Abu Dhabi Investment Authority purchased a 2.7% stake in MobiKwik for $20 million in June 2021.[30] The Economic Times reported that MobiKwik had reached a valuation of $1 billion in October 2021, following a secondary employee stock ownership sale led by former Blackstone India chief Mathew Cyriac.[31] The same year, MobiKwik filed for an initial public offering (IPO) to raise ₹1,900 crore (US$257.04 million),[32] but later deferred its IPO plans.[33]

On 18 December 2024, the company went public with its IPO listing on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) and raised ₹572 crore. Initially, the IPO was subscribed a record 119.38 times with the portion reserved for retail investors being subscribed for 134 times indicating a strong demand.[34]

Funding and Shareholding

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Percentage of post-issue shareholding (as of January 2025)[35]
Name of the Shareholder Percentage
Bipin Preet Singh 14.71%
Upasana Rupkrishan Taku 10.00%
Narinder Singh Family Trust 0.27%
Koshur Family Trust 0.19%

Products and services

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MobiKwik offers a wide range of financial services including instant loans, UPI, credit card bill payment, fixed deposits, mutual funds, P2P lending, bill payment, DTH recharge and much more. MobiKwik Pocket UPI empowers users to make UPI payments without bank accounts.[36]

In January 2025, MobiKwik became the first Indian fintech to launch a full-scale Central Bank Digital Currency (CBDC) wallet ‘e-rupee’ (e₹) in collaboration with the Reserve Bank of India and Yes Bank. The e₹ wallet aims to reduce cash dependency and allows transactions of up to ₹50,000 per day with a limit of up to ₹10,000 per transaction to any peer and merchant having a UPI account.[37]

References

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  1. ^ a b "Mobikwik reports net profit of Rs 14 crore in FY24, revenue up 62%". The Economic Times. 20 August 2024. Retrieved 3 September 2024.
  2. ^ Mishra, Digbijay; Manikandan, Ashwin. "Mobikwik files DRHP to raise Rs 1,900 crore via IPO". The Economic Times. Retrieved 24 November 2021.
  3. ^ a b c Kulkarni, Srinivas (19 August 2013). "Mobikwik aims to be India's top mobile wallet". ZDNet. Retrieved 8 June 2017.
  4. ^ a b Hussain, Shabana. "Mobikwik's journey and the path ahead". Forbes India. Retrieved 6 April 2015.
  5. ^ "Performance Review Results for the Quarter Ended September 30th, 2024". MobiKwik Blog. 7 January 2025. Retrieved 29 January 2025.
  6. ^ "MobiKwik". MobiKwik. Retrieved 29 January 2025.
  7. ^ "MobiKwik net revenue surges 134% to Rs 379 crore in FY20; eyes profits this fiscal". The Economic Times. Retrieved 19 July 2020.
  8. ^ "Mobikwik Share Price Live Updates: Mobikwik shares soar 17% post debut; stock lists 59% premium". The Economic Times. 19 December 2024. Retrieved 29 January 2025.
  9. ^ "MobiKwik fund transfer business grows 400%". The Economic Times. 10 June 2019. Retrieved 5 May 2020.
  10. ^ Raghunathan, Anu (15 April 2016). "India's MobiKwik Aims To Hit $1 Billion In Revenue, Says Cofounder Upasana Taku". Forbes.com. Retrieved 23 February 2017.
  11. ^ a b "Seven successful enterprises by IIT graduates". The Economic Times. 6 May 2013. Retrieved 23 February 2017.
  12. ^ "Mobikwik's journey and the path ahead". Forbes India. 6 April 2015. Retrieved 23 February 2017.
  13. ^ Balanarayan, B T (4 June 2014). "Mobikwik integrates wallet to e-commerce sites". MediaNama. Retrieved 4 June 2014.
  14. ^ Variyar, Mugdha; Bhakta, Pratik (14 March 2017). "RBI to now open up UPI for digital wallets like Paytm and MobiKwik". The Economic Times. Retrieved 8 June 2017.
  15. ^ a b Pahwa, Nikhil (12 August 2013). "Paytm, Mobikwik Allocated Prepaid Wallet Licenses By RBI; Flipkart?". MediaNama. Retrieved 29 October 2014.
  16. ^ "Recharge, Pay Through E-Wallet MobiKwik's Android app is the highest rated Recharge app on Google Play". Business World. 8 November 2004. Retrieved 23 February 2017.
  17. ^ Aggarwal, Varun. "Cisco, Amex & Treeline invest $ 25 million in Mobikwik". The Economic Times. Retrieved 8 April 2015.
  18. ^ Russell, Jon (3 May 2016). "India's MobiKwik raises $50M for its mobile wallet service". Techcrunch. Retrieved 23 February 2017.
  19. ^ Nair, Vishwanath (2 June 2016). "Is Mobikwik treading on thin ice with 'annual profit' offer?". Mint. Retrieved 8 June 2017.
  20. ^ "Mobikwik wants to add financial services and offline food companies to its wallet". The Economic Times. 20 May 2016. Retrieved 8 June 2017.
  21. ^ Srivats, K. R. (28 November 2016). "MobiKwik launches MobiKwik 'Lite'". Business Line. Retrieved 19 July 2020.
  22. ^ Srivastava, Moulishree (12 July 2016). "Mobikwik launches new version of its mobile wallet app". Business Standard. Retrieved 8 June 2017.
  23. ^ Srivastav, Taruka (8 June 2017). "Digital Payments, AI and VR will power the Indian economy in future". The Drum. Retrieved 8 June 2017.
  24. ^ Das, Goutam (4 June 2017). "Shrinking wallets". Business Today. Retrieved 8 June 2017.
  25. ^ "MobiKwik sees 400% rise in transactions post demonetisation". The Indian Express. 27 December 2016. Retrieved 8 June 2017.
  26. ^ "Bajaj Finance Picks Up 10.83% Stakes in MobiKwik for Rs. 225 crores - TechStory". TechStory. 3 August 2017. Retrieved 3 August 2017.
  27. ^ "MobiKwik Acquires Wealth Management Start-Up Clearfunds". The Economic Times. 11 October 2018. Retrieved 29 January 2025.
  28. ^ "India's payments firm MobiKwik kick-starts its international ambitions with cross-border mobile top-ups". TechCrunch. 17 June 2019. Retrieved 28 January 2020.
  29. ^ "MobiKwik launches 'ClickPay' for faster bill payments in collaboration with Bharat BillPay" (PDF). Bharat Connect. 18 January 2021. Retrieved 29 January 2025.
  30. ^ "ADIA Picks Up Minority Stake in MobiKwik at Valuation of $700 Million". The Economic Times. 27 June 2021. Retrieved 29 January 2025.
  31. ^ "MobiKwik turns unicorn ahead of IPO". The Economic Times. Retrieved 24 November 2021.
  32. ^ Mishra, Digbijay; Manikandan, Ashwin (13 July 2021). "Mobikwik files DRHP to raise Rs 1,900 crore via IPO". The Economic Times.
  33. ^ "MobiKwik to delay planned IPO following Paytm's dismal market debut: CEO". Business Today. 23 November 2021. Retrieved 27 December 2024.
  34. ^ "MobiKwik IPO Day 3 Live Updates: GMP, Price Band, Subscription Status, Should You Apply". Mint. 14 December 2024. Retrieved 29 January 2025.
  35. ^ "Investor Relations Filings". MobiKwik. Retrieved 29 January 2025.
  36. ^ "MobiKwik". MobiKwik. Retrieved 29 January 2025.
  37. ^ "MobiKwik Becomes First Fintech to Fully Launch CBDC e-Rupee". CNBCTV18. 20 January 2025. Retrieved 29 January 2025.

Further reading

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