MobiKwik is now offering digital gold for sale on its app in partnership with SafeGold, a platform for sale, purchase and storage of gold. The platform also sources and guarantees the quality of gold on MobiKwik.

Users can buy gold through a separate section of the app and starting from Re 1. The gold will be added to the customer’s ‘MobiKwik Gold’ account and can be resold 24 hours after it has been purchased.

  • 24-carat gold for sale with minimum purchase amount of Re 1 and maximum gold of 30 gm
  • The customers will also have a view of the gold price trends over the last few weeks
  • The gold will be stored with a “reputed custodian” on the basis of daily purchases made by all customers
  • Delivery of gold coins of 1-10g will be “available soon,” the company said
  • Customers can buy gold on Caratlane for jewelry

MobiKwik claims to have sold 7 kg of gold in 15 days when the app was in limited release, and targets sale of 1 tonne of gold in 2019-20.

Other services: lending, bike rental, mutual funds

MobiKwik has diversifying into lending and bike renting after launching UPI payments earlier this year:

  • Earlier this month, the company acquired mutual funds platform Clearfunds for an undisclosed amount, and said it will invest $15 million into the platform.
  • MobiKwik launched an instant loan disbursal system ‘Boost’, which lends upto Rs 60,000 to the user’s wallet in 1.5 minutes.
  • In September, it started a bike rental service in Bangalore, Hyderabad, Jaipur, Kota, Mysuru and Udaipur in partnership with ONN bikes.
  • In August, it launched a new service enabling customers to make credit card bill payments.
  • In July, it also launched a new service that offers instant loans of Rs 5000 on its application.

Also read: Government drops incentives for UPI transactions