Mobikwik Mobile App: A Comprehensive Guide

Mobikwik mobile app is a digital wallet that offers a wide range of services, including bill payments, recharges, and transactions.

The app allows users to store their payment details, making transactions quick and easy.

With Mobikwik, users can pay their utility bills, such as electricity, gas, and water, directly from the app.

Mobikwik offers a variety of payment options, including credit cards, debit cards, and net banking.

The app also provides users with rewards and cashback offers, making it a convenient and rewarding way to manage their finances.

Intriguing read: Virtual Payment Address

MobiKwik offers a wide range of financial services, including loans, insurance, and investments.

One of the key features of MobiKwik is its partnership with Lendbox and Cashfree to provide a buy now, pay later (BNPL) service called Zip.

MobiKwik also has a peer-to-peer lending platform called Xtra, which was started in partnership with Lendbox.

You can use MobiKwik to pay bills, including credit card bills, through its IMPS money transfer service.

Check this out: Brics Pay App

MobiKwik allows users to invest in mutual funds and provides a DTH recharge service.

MobiKwik has also introduced several new features, including a "Lens" feature that provides users with a wealth summary and intelligent money classification.

The "AutoBill Pay" feature allows users to automate all of their bill payments according to their needs.

MobiKwik's "ClickPay" feature allows users to pay periodic online bills, including EMIs for loans, insurance, mobile, gas, water, and electricity.

Explore further: Walmart Pay App for Android

MobiKwik is a company with a clear mission: to build a world-class payments and credit product for Bharat. This mission was set in motion since the company's inception in 2009.

The company's vision is to transform the digital payments landscape in India, a goal it's been working towards since its early days. This vision is ambitious, but it's a testament to the company's dedication to innovation.

MobiKwik has been on this mission for over a decade, and its efforts have been focused on creating a seamless and secure payment experience for its users.

On a similar theme: App for Credit Card Payments

Bipin Preet Singh and Upasana Taku are the founders of MobiKwik, with a combined net worth of INR2,260 crore as of Dec 29, 2021.

Bipin Preet Singh graduated from IIT Delhi in 2002 with a BTech degree in Electrical Engineering, after which he worked at Intel, Nvidia, and Freescale Semiconductors for 7 years.

Bipin's experience at Intel, Nvidia, and Freescale Semiconductors spanned 7 years, showcasing his dedication to the tech industry.

Upasana Taku comes with a strong payment background, having worked as a senior product manager with PayPal in Silicon Valley and before that with HSBC in San Diego.

Bipin Preet Singh also has experience in customer support and marketing, highlighting his diverse skill set.

Bikram Bir Singh was appointed as the Business Head of MobiKwik in October 2018, but left the company in August 2019.

MobiKwik's mission is to build a world-class payments and credit product for Bharat!

The company's vision is to transform the digital payments landscape in India, a goal it set out to achieve from the very start in 2009.

Broaden your view: Benefits of Mobile Payments

MobiKwik's branding elements are designed to make digital payments easy and accessible.

The company's name, MobiKwik, suggests that it's a mobile-based platform.

MobiKwik's new tagline, "Discover MobiKwik Wallet - The easiest way to pay!", clearly communicates the convenience it offers.

Its digital wallets are a promising alternative to physical wallets.

Related reading: Samsung Wallet Digital Key

MobiKwik's mission is to build a world-class payments and credit product for Bharat! This ambitious goal has been the driving force behind the company's success.

The company was founded in 2009 with a clear vision of transforming the digital payments landscape in India. This vision has been the guiding light for MobiKwik's growth and development over the years.

MobiKwik's mission is centered around creating a seamless and convenient payment experience for its users. By achieving this mission, the company aims to make a significant impact on the Indian economy.

The company's vision of transforming the digital payments landscape in India is a testament to its commitment to innovation and progress. This vision has inspired many to adopt digital payments as a way of life.

Recommended read: Online Payments Apps

MobiKwik's branding elements are designed to make a lasting impression on users. The company's name is a clear indicator of its mobile-based digital payments platform.

MobiKwik's tagline, "Discover MobiKwik Wallet - The easiest way to pay!", effectively communicates the convenience of using the platform. This tagline is a perfect representation of the company's mission to provide users with a seamless payment experience.

The MobiKwik logo is a distinctive symbol that represents the brand's identity. The logo is a crucial element in building brand recognition and loyalty among users.

MobiKwik was founded in 2009 by a individual who was looking to do something new in life, and he started the company with $250 thousand of his own money.

He initially created a digital wallet where users could keep their money and recharge their prepaid mobile currency whenever they wanted.

The initial service was a website with a closed wallet facility, but over the years, MobiKwik extended its service to mobile apps, with the Android app being launched in 2012.

MobiKwik is now one of India’s largest and fastest-growing mobile payment networks, connecting over 65 million users with more than 2.5 million retailers.

Every penny stored in the MobiKwik wallet is protected by state-of-the-art in-app security settings.

MobiKwik's business model is based on peer-to-peer (P2P) transactions facilitated through its mobile app.

The company earns revenue from commissions on each transaction, as well as advertisements displayed within the app.

MobiKwik also generates income through fee-based sales of insurance and mutual fund products.

Its revenue streams include digital credit products and payment services, with the former accounting for 50% of its revenue.

The remaining 50% comes from payment services.

Here's a breakdown of MobiKwik's revenue streams:

MobiKwik's revenue has seen significant growth, increasing by 62% year-over-year to INR 875 crore in FY24.

MobiKwik has raised a total of ~ $269 million over 21 rounds in funding. The company has been consistently raising funds to fuel its growth and expansion.

MobiKwik was declared a unicorn on October 12, 2021, after the end of the sale of the secondary ESOP round led by Mathew Cyriac, former head of Blackstone India. This achievement is a testament to the company's success and potential.

The most recent funding was raised on March 28, 2024, through a Debt Financing round, worth ₹500M from BlackSoil. This funding will help MobiKwik gear up for its IPO.

Here is a list of all the funding rounds of MobiKwik: