MobiKwik has partnered with DT One, a payments network headquartered in Singapore, to enter international markets with support for mobile top-ups in more than 150 countries, according to a company statement. This move will enable international mobile recharges (topping up credit to a mobile account) with a single tap, and rewards and airtime credit services across 550 mobile operators in over 150 countries in the Middle East, Asia Pacific, Europe, Africa, the United States, Latin America and the Caribbean.
The company, which began as a mobile wallet, has since expended its services to include lending, insurance, and investments in mutual funds and gold. It also acts as a payment gateway, and claims to have 107 million users, 3 million merchant partners and more than 200 billers on its platform. It says that by 2020, it expects to have at least 10 million people using at least 3 of its services.
MobiKwik’s user base grew 40% in FY2019
In May, MobiKwik reported gross revenue of ₹184.6 crore in FY2019, more than double the previous year’s. The company stated that its total registered users grew by 40% and monthly active users (MAUs) grew by 90% over the period. Here are some more highlights from its annual report:
- Over 40 million people transacted on the platform in the past 12 months, representing nearly 10% of India’s smartphone population
- 18 million of the 47 million credit cards issued in India are saved on MobiKwik
- Over 11% of UPI handles issued so far in India are @iKwik handles issued by MobiKwik
- The payment gateway business recorded $3 billion in total payment volume
- Disbursed over 350,000 digital loans with a loan book which stood at $24 million
Turnaround after Mobikwik shut two offices in November
The positive results came just months after MobiKwik shut down two of its offices, laid off several employees, and scaled back its retail business last November. An employee told MediaNama at the time at that up to 200 employees and contractors had been asked to leave. MediaNama also reviewed a document that said MobiKwik would not expand its business in particular verticals (sources said auto, milk and food and beverages + retail), “hence the need for the team ceases to exist.” Sources had said the layoffs were prompted by, among other things, high marketing and operational costs, a lack of funding, competition from other players, and the rise of the Unified Payments Interface (UPI).