LivQuik, a Mumbai-based payments technology startup, has announced that it has raised an undisclosed amount from Snow Leopard Technology Ventures. The fund, which had earlier funded Online jewelry startup, Voylla, makes seed stage investments in Indian startups. LivQuik's product, QuikWallet, is a mobile wallet with which users can make payments from their mobile phones at select outlets."
Quikwallet is a good 6 months away from a full launch and the LivQuik's business development officer, Jayath Aditya shared that the product needs a lot of refinement so as to have the perfect product at launch. He says, "We've currently tied up with Mocha and Gloria Jeans Coffee. They've been very proactive about using the technology. Also, this is India's first mobile wallet, and we want this product to be absolutely right at the time of its launch. We will be working very closely with our partners to get more feedback on the product, leading to the launch." He further shared that the investment will be used to increase their workforce, marketing, as well as the product.
Here's how the product works -
Commenting on the occasion, Mohit Lalvani, Co-Founder and Managing Director, said, “We are delighted to partner with Snow Leopard Technology Ventures. We built the product because there was a clear gap in the Indian market. While there are many mobile wallets per se, there is no mobile app or service similar to QuikWallet today. We’ve made it seamless for users and painless for merchants. Gloria Jeans Coffee and Mocha are confirmed launch partners and consumers will soon be able to pay with their smart phones at these outlets.”
The Indian smartphone market stands at 1/3rd of the U.S market today, and is set to double every year. While there is definitely an opportunity for products like QuikWallet to capitalize on, the devil is in the detail. A significant portion of smartphones in India are not Internet enabled. Furthermore, product like QuikWallet are subject to adoption and product like this take their time for mass adoption. (read this)
Having said that, the QuikWallet has a first movers advantage and it will be interesting to see how they grow from now to their intended product launch. It will also be interesting to see others who follow suite.
Click here to know more about QuikWallet