The competition in the finance technology space of India is getting more and more fierce. With players like Paytm dominating the market, and global giants entering the market, the competition is bound to increase.
In a bid to grow its business and increase brand awareness, MobiKwik — one of the early entrant in the digital wallet space of India, has planned to spend about ₹80 crore on marketing and promotions.
The company plans to spend the amount in the coming six months. With such move, the company is expected to drive transaction volumes on its platform and get more consumers onboard.
MobiKwik’s Vice President of Marketing, Akash Gupt, said:
We have seen a phenomenal growth, especially during the ongoing festive season. We have a lot of activities going on that will continue till January. In the next six months, we are looking at a ATL-BTL (marketing and promotions) spend of ₹60-80 crore.
He further states that the platform is seeing around three million transactions on daily basis. With marketing and promotion strategy, the company is hoping to grow the number from 3 million per day to around 7.5 million per day by the end of promotions.
With such drive, the company is also focusing on bringing more people onboard from tier I, II and III regions. MobiKwik currently sees most of the transactions on the platform from the top 8 cities. Akash Gupta says that “we are trying to get consumers outside these cities to transact digitally and use our platform to do so.”
Mobikwik has recently raised ₹225 crore funding from Bajaj Finance. However, it is still looking to raise another funding round of around ₹450 crore. Partial funding for the new round is expected to come soon.
Recently, the fin-tech company also partnered with BSNL to launch its mobile wallet — BSNL Wallet. It enables one-tap bill payments for over 100 million subscribers of the telecom service.