Tell us about your entrepreneurial journey.
In 2009, Bipin Preet Singh, my husband was at a crucial stage in his career, where he had to decide whether to spend on further education or not. He had two options; one to invest in MBA and other to start his own business. Entrepreneurship fascinated him since he was studying at IIT and seemed a natural choice. Entrepreneurship has not been easy. When we started, there were many new areas that we had to learn about and explore. For instance, being a technology professional, my husband was never exposed to business development or legal or finance functions, and was just engrossed in coding and developing products. Within the first few months, he spent time acquiring these much needed skills and learning about the payments ecosystem. It would be true to say that learning never ends for an entrepreneur. As we grew, marketing and human resources became equally important and I learnt these areas. There was also a lot of learning from the errors we made, in product or business development or hiring.
Then I joined as a co-founder in 2009 and we bootstrapped for the first 3 years. Till now, MobiKwik has received three rounds of funding. The journey has been wonderful. Along the way, we realised the potential of MobiKwik in serving unbanked and under banked. With a vision to promote financial inclusion, we launched cash loading for our wallet and became the only mobile wallet in India to offer cash pick up and cash deposit. We have also launched m-gullak, a special initiative for urban poor that helps them save as little as 2 rupees a day for their mobile recharges and other expenses. They can also transfer this money to their family and friends.
Thus, MobiKwik was founded in 2009, with a vision to digitise and simplify payments for mobile recharges. The idea was conceived on the background of the fact that in 2009, even for a Rs. 10 recharge, one had to visit a nearby shop and make the payment. In the age of technology and digitisation, India was still paying primitively. MobiKwik significantly changed this scenario by introducing online recharges and bill payments for both mobile phones and DTH, and subsequently we introduced merchant payments, for both online and offline. We officially received the license from RBI to launch our wallet in 2013 and there has been no looking back since. We have been growing at the rate of 250 per cent year on year. Today, MobiKwik is accepted by over 250000 merchants and is trusted by 40 million users.
We have a vision to make MobiKwik payments ubiquitous in India, and this will soon become a reality as we are launching virtual credit cards. This technology will make MobiKwik an accepted payment method wherever a credit card is accepted. The next chapter of growth for MobiKwik will be driven solely by innovation and as the founder, I am excited about the initiatives that we have planned for the next few years, with the vision and the determination to transform India into a cashless nation.
What Is the USP of your brand?
We are a digital payments solution provider and fulfill payment needs across platforms for our users. In a nutshell, users can pay their phone, data and DTH connection bills, electricity bills, gas bills, insurance premiums etc. at MobiKwik. At the same time, they can pay using MobiKwik, both online and offline across 250000 merchants pan India.
One of the leading digital payments platforms for online and offline merchants, MobiKwik is powering payments for IRCTC, Uber, Meru Cabs, Big Bazaar, OYO Rooms, Zomato, PVR, Archies, WHSmith India, BookMyShow, Grofers, Big Basket, Domino's, Burger King, Pizza Hut, eBay, ShopClues, Myntra, Jabong, Pepperfry, Barista, Food Panda, nearbuy, Van Heusen, Allen Solly, Louis Phillipe, GoDaddy, MakeMyTrip, Cleartrip, and Yatra among others.
We have the simplest UI, a robust security network and the only wallet that offers cash loading in the wallet. Once registered, users can load money in their wallet through net banking, credit or debit card and cash. Cash loading is available at 100000 outlets across 10000 cities and users can request for cash pick up in New Delhi, Mumbai, Bangalore, Surat and Jaipur.
What is your business model? How do you deal with distribution?
MobiKwik facilitates payments happen across sectors and we take a small fee, upto 2 per cent to do the same. However, in the current times of demonetisation, where as an Indian wallet company it’s our responsibility to promote the adoption of digital wallet transactions in India, we have 0 per cent TDR and 0 per cent bank transfer fee.
Our network is spread across the length and breadth of the country.
While number of consumers opting for e-commerce apps is increasing, how was the initial response for you?
Initially when we started in 2009, we solved a real issue. People realised that it is convenient to recharge their phone and pay bills from home than travelling to a shop. From there, the model has evolved to now replace cash, be it paying for vegetables or making donations in a temple, or eating out in a restaurant, all can be done with MobiKwik. Now we have 40 million users.
How much growth do you see in this industry?
The potential of wallet industry as a whole is enormous. With demonetisation, the industry has already grown manifold within this month and will further grow undoubtedly and realise its true potential by next year or sooner.
Put some light on the investment front?
We have raised three rounds of funding from Sequoia Capital, American Express, Tree Line Asia, MediaTek, GMO Payment Gateway, Cisco Investments and Net1
Subway, the global leader in freshly made, customizable sandwiches, has achieved a significant milestone in India by opening 100 new stores in 2024. This expansion underscores the brand’s rapid growth trajectory in one of its fastest-growing international markets. With a renewed focus on modernization, localization, and customer-centric innovations, the brand is strengthening its position in India’s highly competitive Quick Service Restaurant (QSR) industry.
India’s dynamic and evolving food industry has presented a lucrative opportunity for Subway to expand its footprint. With the opening of its 100th store in Lokhandwala, Mumbai, Subway now boasts a formidable presence of over 900 stores in more than 160 cities across India.
“Reaching this milestone of 100 new stores in a year is a testament to our customers’ trust in the Subway brand. This marks a significant chapter in Subway India’s growth journey, reflecting our unwavering commitment to delivering fresh, high-quality, and made-to-order sandwiches to our discerning customers,” said Tarun Bhasin, CEO of Culinary Brands, the exclusive master franchisee for Subway in India, Bangladesh, Sri Lanka, and other countries.
The brand’s aggressive expansion in 2024 is driven by the increasing consumer demand for freshly made, healthy, and convenient food options. As lifestyles change and urbanization accelerates, Subway is strategically positioning itself as a preferred choice among India’s young and working population.
The remarkable success of Subway’s expansion in India can be attributed to multiple key strategies:
While Tier I cities remain key markets, Subway is aggressively expanding into smaller cities to tap into their growing disposable income and rising demand for global QSR brands. Establishing outlets in high-footfall locations such as malls, airports, and highways ensures greater brand visibility and accessibility.
“At Subway, we recognize that every market has unique preferences and challenges. That’s why our menu innovation team continuously researches and adapts offerings to suit regional tastes while maintaining our global standards,” Bhasin explained.
The brand has also introduced new product lines to cater to India’s evolving taste preferences. Recent additions include the Hot & Cheesy Signature Subs and Breakfast Specials.
“Consumers love our Hot and Cheesy Signature Subs. They are the perfect indulgence during winters, offering 1.5x filling, extra cheese, and served piping hot. Options include Cheesy Paneer Tikka, Mexican, American Barbecue, Chicken Tikka, and Lamb Pepperoni,” said Bhasin.
Subway’s Breakfast Specials are another hit, offering fresh, made-to-order sandwiches that cater to professionals and early risers. “It’s a perfect fit for morning meals, and customers can walk in or order online in metros and mini-metros to relish these sandwiches, best paired with hot coffee,” he added.
Subway is harnessing technology to enhance customer experience, streamline operations, and support its rapid expansion. Key tech initiatives include:
“Technology has been an anchor for multiple departments at Subway. Various specialized tech tools are leveraged to support retail expansion and drive decision-making in the supply chain, quality, and operations,” Bhasin noted.
Looking forward, Subway has set an ambitious goal of becoming India’s largest QSR chain over the next decade. This vision is built on key pillars:
“We recognize that achieving our goal requires strategic planning and agility. However, our unwavering commitment to fresh, high-quality food and a robust expansion plan will drive Subway’s growth and success in India,” Bhasin concluded.
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