MobiKwik profit oriented: Gurgaon-based mobile payments network MobiKwik marks to highlight its profit by April 2018. It plans to direct its business strategy to make its presence in the offline space known, a senior company official said.
“We expect to become profitable by 2018 and continue to expand financial offerings to help meet this goal,” MobiKwik co-founder Upasana Taku said.
“Currently, 25% of our business comes from offline businesses, while 75% is online. In the next few years, we aim to reverse this, with 75% of our business coming from offline,” she also added.
In order to work its way through the company has been expanding into various services like micro-lending, mobile payments in brick-and-mortar stores, and most recently, bus ticket booking.
“It expects to capture the lead position in the bus tickets booking space by the year-end”, Taku said.
” MobiKwik is offering partial payment for ticket reservation and cash pick up for bus tickets booking. We are doing 4,000 bookings a day and target 25,000 daily bus bookings by December 2016,” she added.
Mobikwik: Doubles offline transactions
The payment network is also affiliating itself with several non-banking finance companies (NBFCs) to make micro-loans accessible to users, as well as for mutual funds.
MobiKwik proposes to collect users’ transaction history and draw credit profiles, as it predicts a growth of user base from 32 million presently to 150 million in two years.
“The payments company is looking to onboard 5 lakh offline merchants in the next two years from 1 lakh currently”, Taku said.
Big Bazaar, Domino’s Pizza, PVR, Burger King, Pizza Hut, Van Heusen and Allen Solly, among others are namely a few offline merchants to be associated with the company till date.Its online merchants include IRCTC, Uber, Meru, Oyo, Zomato, Myntra , ShopClues, MakeMyTrip and Cleartrip.
South Africa’s Net1 announced that it will infuse USD 40 million (nearly Rs 268 crore) into the company.Led by Japanese payments firm Gateway Taiwanese chip maker MediaTek and existing investors ,MobiKwik had raised about Rs 330 crore in funding.