Mobikwik, one of the leading mobile wallet companies in the country has said that despite Aadhaar based payment system getting a lot of initial buzz, it is still firm on its resolution to achieve three-fold growth to touch $10 Billion Gross Merchandise value by the end of this year. On asking, how does Mobikwik plan to stay relevant in the market where the government is aggressively promoting the launch of state sponsored initiatives like BHIM and Aadhaar based payments, Vineet K Singh, Chief Business Officer of Mobikwik said that it is not worth commenting now. He however added that Mobikwik will remain credible for the market.
Government of India has already launched BHIM app and is now working on Aadhaar based bio-metric payment system. The new proposed system will diminish the needs of debit card, pin and password, so that the users can directly pay using their fingerprint. It will also reduce the transaction charges as there will not be any fee paid to the card issuers like Visa and Mastercard.
At the moment, Mobikwik seems to have made its focus towards east in the country. With its 4th office started in the Kolkata, it is targeting to touch $1 Billion in GMV in Bengal in the ongoing year. The company considers Kolkata as a strategically important city where it has around a lakh merchants on the network. Nationally, it has 1.4 million merchants and is aiming to touch 5 million mark before the end of year.
With a total funding of $85 million till now, it is planning to raise a fresh round sometime this year. Out of that, there are plans to spend ₹300 Crores on getting new merchants and customers. Mobikwik is aiming for a valuation in excess of $1 Billion.