Mobile wallet major MobiKwik on Thursday announced an investment of Rs. 300 crore for expansion aimed at growing its user base from current 50 million to 150 million in 2017.
The increase in user base will also catapult MobiKwik's annual Gross Merchandise Value (GMV) to USD 10 billion by end of the year from the current USD two billion.
To support its business ambition, MobiKwik is also launching SUPERCASH, a loyalty initiative that aims to promote digital payments among its users and promises benefits on every transaction. Under the initiative, users can earn reward points at all MobiKwik merchants, including their local mom and pop stores. Additionally the user saves money every time he transacts on Mobikwik.
SUPERCASH is the first ever loyalty initiative launched by a mobile wallet in India. These points can be used on every transaction thus enabling the user to save money every time he transacts on Mobikwik. Users of MobiKwik can start earning Supercash from next week.
"We aim to increase the number of our users to 150 million by the end of this year, targeting USD 10 billion GMV. The investment of Rs. 300 crore will be deployed in loyalty initiatives, expanding our reach and network, and launching other financial services such as loans and investments on our platform," said co-founder of MobiKwik, Upasana Taku.
MobiKwik had recently announced setting up offices in 13 cities by the end of Q1 2017 and is in its hiring spree to drive business growth. The company currently has over 1.4 million merchants on its network and aims to grow the base to over five million by year end.
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"Indian consumers are value conscious, like to save money on every transaction and are taking to digital payments in a big way. Supercash will therefore evolve a user's relationship with MobiKwik and develop a deeper association as the user benefits on every transaction made on our platform," said Vice President for Growth at MobiKwik, Daman Soni.
Mobile wallets have seen tremendous growth in the past three months. With merchants and users experiencing the benefits of digital transactions with wallets, building loyalty as a key feature in the wallet will enable Mobikwik to create an engaged user base. The company added 1.3 million merchants and 15 million users post demonetization.
MobiKwik currently powers payments for IRCTC, NHAI, Meru Cabs, Big Bazaar, MakeMyTrip, OYO Rooms, Zomato, PVR, Archies, WHSmith India, BookMyShow, Grofers, Big Basket, Dominos, Burger King, Pizza Hut, eBay, ShopClues, Myntra, Jabong, Pepperfry, Barista, Food Panda, Nearbuy, Van Heusen, Allen Solly among others.
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