Mobile wallet company Mobikwik plans to raise $50-100 million (Rs 325-650 crore) in the next few months to fund its expansion across online and offline platforms. It has, so far, raised close to $30 million (Rs 195 crore) in funding from Sequoia Capital, American Express, Tree Line Asia and Cisco Investments.
The funds will be used for both online and offline expansion, founder and chief executive officer Bipin Preet Singh said. “The company plans to raise another $50-100 million in the next three-six months. We are disrupting the payments space by creating an offline retail network of more than one lakh merchants across India,” MobiKwik Founder and chief executive officer Bipin Preet Singh told PTI. The funds will be used for both online and offline expansion, he added.
The company aims to take the monthly total worth of transactions on its platform (monthly gross merchandise value) to touch Rs 700-800 crore over the next 12 months. “Overall, we expect the monthly gross merchandise value to be about Rs 700-800 crore in the next 12 months. Of this, Rs 400 crore with five million transactions a month,” he said. MobiKwik has partnered merchants like Big Bazaar, WHSmith India, Cafe Coffee Day and Store King in the offline space.
In the online space, it has partnered firms like Uber, OYO Rooms, BookMyShow, Grofers, Big Basket, eBay, ShopClues, Myntra, Jabong, Pepperfry and MakeMyTrip among others. It claims to have 25 million users and 50,000 retailers on its platform. The company, which has 10,000 offline merchants as partners, is also looking at aggressively expanding the base to a lakh in the same period.