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500k offline store transactions in the last 3 months: MobiKwik

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Payments company MobiKwik claims to have processed 500,000 transactions in the last three months, amounting to over Rs 60 crore. The top 5 cities for offline payments were Mumbai, Bangalore, Kolkata, Hyderabad and Delhi. According to the company, of this 100,000 transactions were processed across 260 Big Bazaar outlets in the country.

Other than Big Bazaar, MobiKwik allows payments at brick-and-mortar stores like WHSmith India, CCD and Store King, other than local  books & stationery stores, gifts & greetings stores, and various restaurants. The company claims that the average transaction size at offline retailers was over Rs 1000 per transaction. Online, the company’s services are used by brands like Uber, OYO Rooms, Zomato, Grofers, Domino’s, Myntra etc.

Note that in August, MobiKwik did not get the RBI approval for a payments banks license, along with 30 other applicants.

ICICI Bank tie up:

In May, Mobikwik had tied up with ICICI Bank to allow its wallet users to add cash at any ICICI Bank branch. The service was launched in Delhi-NCR, and is now available to users across the country.

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In the same month, Mobikwik claimed to have 17 million wallet users, out of which 90% of the processed transactions were on the mobile while 10% on desktop. It currently claims to have 25 million users with 50,000 retailers, however, the number of active users is not clear. In December 2014, Mobikwik had 10 million wallet users, of which 7 million were on mobile.

Funding:

In April MobiKwik raised ~$25 million in Series B funding led by Tree Line Asia, existing investor Sequoia Capital along with Cisco Investments and American Express. MobiKwik said that it would use the funds on investing in technology data analytics, brand building and growing its user and merchant base.

Top level hires:

Last month Mobikwik appointed Manish Chaturvedi as chief sales officer and promoted Mrinal Sinha from chief strategy officer to chief operating officer. Other than this, in April, the company appointed Saurabh Srivastava as chief marketing officer.

Also read:

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MobiKwik CEO Bipin Singh’s Reddit AMA: It’s hard for mobile banking to compete with wallets

Mobikwik’s Mrinal Sinha on their Payments Bank application, strategy and financial inclusion

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