Payments company Mobikwik has invested Rs 2 crore in a data science startup Pivotchain Solutions. The Pune-based startup was founded in 2017 by Deepak Rao and Yogendra Pratap Singh. The company specialises in technologies like analytics, machine learning, cloud computing, math & statistical modelling, artificial intelligence, blockchain & cryptography. Pivotchain has built exclusive AI and deep learning models for MobiKwik. MobiKwik said in a statement that the model will help the payment company to roll out numerous lending products to address the credit requirements of its user base. The company's founder and CEO Bipin Preet Singh added that this investment will give Mobikwik an edge over the competition. "We will continue to invest in companies that can add value to our business,” he added. Mobikwik's gearing up for lending product We earlier pointed out that it is possible that MobiKwik is simply shifting its total focus on lending space, as the RBI’s new KYC norms have led to a dip in the usage of mobile wallets and have had an impact on the core product of most payment companies. A week ago, MobiKwik announced the appointment of Vinayak N as its new head of the Lending Business at MobiKwik. Vinayak will help the company to kick-start the lending business for MobiKwik. In March, we reported that the company is working on the launch of a lending product that will offer instant credit to customers directly from its app by end of March. However, the company has not launched any product yet. According to the reports, it will be…
