Edge Rewrite
everything Source code View original
// HTMLRewriter · presentation

This page was redesigned at the edge.

Cloudflare fetched the original article and streamed it through HTMLRewriter to apply an entirely new visual system without rebuilding the source page.

// request.cf · coarse context

A page that knows where it met you.

Only coarse request metadata is shown. This demo does not display or persist visitor IP addresses.

Country
US
Cloudflare location
CMH
Connection
HTTP/2
Language
Not provided

Ray ID: a40766a0f8be26ee

Jump to content

MobiKwik

From Wikipedia, the free encyclopedia
(Redirected from Mobikwik)

MobiKwik
TypePublic
NSE: MOBIKWIK
BSE: 544305
IndustryFinancial technology
FoundedApril 2009; 17 years ago (2009-04)
Founders
  • Bipin Preet Singh
  • Upasana Taku
HeadquartersGurgaon, Haryana, India
Area served
India
Products
RevenueIncrease ₹875 crore (US$91 million) (FY24)[1]
Increase ₹14 crore (US$1.5 million) (FY24)[1]
Owners
Websitewww.mobikwik.com

One MobiKwik Systems Limited, doing business as MobiKwik, is an Indian financial technology company, headquartered in Gurugram, Haryana. Founded in 2009 that provides a mobile phone-based payment system and digital wallet.[3][4]

In 2013 the Reserve Bank of India authorized the company's use of the MobiKwik wallet,[5] and in May 2016 the company began providing small loans to consumers as part of its service.[6]

As of 2026, the company reported having 5 million merchants using its service and a user base of 193 million customers.[7]The company employs over 325 people, operating in three segments including consumer payments, fintech, and payment gateway.[8]

History

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

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] They also introduced the feature of sending and receiving money via a mobile app.[16] In September 2014, Express Computer reported that MobiKwik was partnering with GoDaddy and other international companies to help them comply with Indian payment regulations.[17] In April 2015, MobiKwik claimed to have 15 million users, according to Forbes India magazine.[4]

In 2015, MobiKwik raised $25 million in Series B funding from Chinese investment firm Tree Line Asia, Sequoia Capital, Cisco Systems and American Express.[18] 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.[19]

In a partnership with CashCare, MobiKwik began providing small loans between ₹500–₹2,500 to customers in May 2016.[20][21] 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.[22][23] In the same month, MobiKwik had over 1.5 million merchants using its service and 55 million users.[24][25] Following the 2016 Indian banknote demonetisation in November 2016, MobiKwik witnessed a 400% increase in financial transactions using the service by late December 2016.[26]

In August 2017, Bajaj Finance picked up 10.83% stake in MobiKwik for ₹225 crore.[27]

In 2019, MobiKwik announced a new partnership with DT One to expand their service internationally.[28] In 2019, the company began offering loans, insurance and investment advice.[28]

In May 2020, Mobikwik was briefly removed from the Google Play Store for violation of Google's advertisement policy.[29]

On 25 February 2021, an Indian security researcher named Rajshekhar Rajaharia claimed that a hacker group called Jordandaven stole the KYC details of nearly 100 million MobiKwik users from a company server and put them up for sale on the dark web.[30] On 4 March 2021, company denied the claim and said it would take legal action against the researcher. Later, multiple independent researchers and users confirmed that their Mobikwik data was available online,[31] and on 30 March 2021, TechCrunch reported that company was hiring a third-party to conduct a forensic data security audit.[32]

The Abu Dhabi Investment Authority purchased a 2.7% stake in MobiKwik for $20 million in June 2021.[33] 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.[34] The same year, MobiKwik filed for an initial public offering (IPO) to raise ₹1,900 crore (US$257.04 million),[35] but later deferred its IPO plans.[36]

In 2022, Mobikiwik suspended transactions from its e-wallet services to all major crypto exchanges in India.[37]

In September 2024, MobiKwik received criticism after it suspended "anytime withdrawals" on its Xtra peer-to-peer lending platform. Investors complained that their money was being reinvested in new borrowers without their consent.[38][39] MobiKwik stated that the withdrawal policy was changed by its P2P partner Lendbox and that users will not be able to withdraw their money as per previous terms.[40]

In second week of December 2024, the company launched its initial public offering and raised ₹572 crore.[41]

Products and services

[edit]

MobiKwik provides financial services including loan, accident insurance, life insurance, fire insurance, IMPS money transfer, credit card bill payment, mutual funds, and DTH recharge.[42][43][44]

MobiKwik introduced a buy now, pay later (BNPL) and line of credit service named Zip partnering with Lendbox and Cashfree.[45][46] Its peer-to-peer lending platform called Xtra was started in partnership with Lendbox.[47]

References

[edit]
  1. 1 2 "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. 1 2 3 Kulkarni, Srinivas (19 August 2013). "Mobikwik aims to be India's top mobile wallet". ZDNet. Retrieved 8 June 2017.
  4. 1 2 Hussain, Shabana. "Mobikwik's journey and the path ahead". Forbes India. Retrieved 6 April 2015.
  5. ↑ "Reserve Bank of India - Publications". www.rbi.org.in. Retrieved 19 July 2020.
  6. ↑ "5 digital payment platforms you can use during Coronavirus Lockdown". India Today. 20 April 2020.
  7. ↑ "Online Mobile & DTH Recharge, Bill Payments, Easy Recharge". www.mobikwik.com. Retrieved 6 September 2026.
  8. ↑ "MobiKwik net revenue surges 134% to Rs 379 crore in FY20; eyes profits this fiscal". The Economic Times. Retrieved 19 July 2020.
  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. 1 2 "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. ↑ 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. ↑ Chakraborty, Sayan (30 September 2014). "Local mobile wallets MobiKwik, Paytm find many a taker in global names". Express Computer. Express Computer. Retrieved 23 February 2017.
  18. ↑ Aggarwal, Varun. "Cisco, Amex & Treeline invest $ 25 million in Mobikwik". The Economic Times. Retrieved 8 April 2015.
  19. ↑ Russell, Jon (3 May 2016). "India's MobiKwik raises $50M for its mobile wallet service". Techcrunch. Retrieved 23 February 2017.
  20. ↑ Nair, Vishwanath (2 June 2016). "Is Mobikwik treading on thin ice with 'annual profit' offer?". Mint. Retrieved 8 June 2017.
  21. ↑ "Mobikwik wants to add financial services and offline food companies to its wallet". The Economic Times. 20 May 2016. Retrieved 8 June 2017.
  22. ↑ Srivats, K. R. (28 November 2016). "MobiKwik launches MobiKwik 'Lite'". Business Line. Retrieved 19 July 2020.
  23. ↑ Srivastava, Moulishree (12 July 2016). "Mobikwik launches new version of its mobile wallet app". Business Standard. Retrieved 8 June 2017.
  24. ↑ Srivastav, Taruka (8 June 2017). "Digital Payments, AI and VR will power the Indian economy in future". The Drum. Retrieved 8 June 2017.
  25. ↑ Das, Goutam (4 June 2017). "Shrinking wallets". Business Today. Retrieved 8 June 2017.
  26. ↑ "MobiKwik sees 400% rise in transactions post demonetisation". The Indian Express. 27 December 2016. Retrieved 8 June 2017.
  27. ↑ "Bajaj Finance Picks Up 10.83% Stakes in MobiKwik for Rs. 225 crores - TechStory". TechStory. 3 August 2017. Retrieved 3 August 2017.
  28. 1 2 "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. ↑ "Aarogya Setu link: Google Play Store removes MobiKwik, reinstates later". Business Today. 29 May 2020. Retrieved 27 December 2024.
  30. ↑ "Data of 10 crore Mobikwik users for sale on dark web, say cybersecurity experts". The Economic Times. 30 March 2021. Retrieved 31 March 2021.
  31. ↑ "MobiKwik Denies Alleged User Data Leak on Dark Web". NDTV. No. 30 March 2021. Retrieved 31 March 2021.
  32. ↑ "MobiKwik investigating data breach after 100M user records found online". TechCrunch. No. 30 March 2021. Retrieved 31 March 2021.
  33. ↑ "Mobikwik raises $20 million from ADIA at over $700 million valuation". The Economic Times. Retrieved 24 November 2021.
  34. ↑ "MobiKwik turns unicorn ahead of IPO". The Economic Times. Retrieved 24 November 2021.
  35. ↑ Mishra, Digbijay; Manikandan, Ashwin (13 July 2021). "Mobikwik files DRHP to raise Rs 1,900 crore via IPO". The Economic Times.
  36. ↑ "MobiKwik to delay planned IPO following Paytm's dismal market debut: CEO". Business Today. 23 November 2021. Retrieved 27 December 2024.
  37. ↑ Kumar, Harsh (9 April 2022). "MobiKwik Withdraws E-Wallet Services From Crypto Exchanges, Say Industry Executives". www.outlookindia.com. Archived from the original on 9 April 2022. Retrieved 12 April 2022.
  38. ↑ Singh, Ritu (9 September 2024). "MobiKwik Xtra suspends 'anytime withdrawals' following RBI's recent directions on P2P lending - CNBC TV18". CNBC TV18. Retrieved 15 September 2024.
  39. ↑ Bhakta, Pratik (5 September 2024). "P2P investors take to social media to vent against new RBI rules". The Economic Times. ISSN 0013-0389. Retrieved 15 September 2024.
  40. ↑ Upadhyay, Harsh (9 September 2024). "MobiKwik Xtra suspends 'anytime withdrawals'; draws flak from users". Entrackr. Retrieved 15 September 2024.
  41. ↑ "Mobikwik IPO fully subscribed: Retail investors drive demand on Day 1". Business Standard. Retrieved 27 December 2024.
  42. ↑ "From loans to mutual funds to insurance, MobiKwik aims to tap new markets". Mint. 8 July 2019. Retrieved 9 December 2019.
  43. ↑ Bhakta, Pratik (27 September 2016). "Mobikwik crosses one lakh users for its Auto Recharge feature". The Economic Times. Retrieved 9 December 2019.
  44. ↑ Dubey, Navneet (6 December 2019). "RBI to introduce new prepaid payment instrument for digital transactions up to Rs 10,000". The Economic Times. Retrieved 9 December 2019.
  45. ↑ Computer, Express (31 August 2023). "MobiKwik collaborates with Cashfree Payments to offer its ZIP payment option to over 20,000 online retailers". Express Computer. Retrieved 11 October 2024.
  46. ↑ "Where can one use ZIP Pay Later by MobiKwik?". APN News. 20 July 2021. Retrieved 11 October 2024.
  47. ↑ Bhalla, Tarush (19 September 2022). "MobiKwik launches investment product Xtra, scales AUM to over Rs 100 crore". The Economic Times. ISSN 0013-0389. Retrieved 15 September 2024.

Further reading

[edit]
[edit]
Retrieved from "https://en.wikipedia.org/w/index.php?title=MobiKwik&oldid=1373544769"