Payment technology startup QuikWallet has raised $1.6 million in a follow-up round from its existing investor Snow Leopard Technology Ventures. The funding will be deployed to spruce up technology, hiring and expansion. With this round the Mumbai-based venture had amassed $2.1 million of total funding.
The startup currently caters to about 1000 restaurants and small merchants with a Gross Transaction Value (GTV) of INR 50 Lakhs and growing rapidly on a monthly basis. QuikWallet is the brainchild of Mohit Lalvani, Yudhajit Nag Sen, Vinay Pinto and Suma Bhattacharya.
Qwikwallet started off as a payments and loyalty categories – from small neighborhood stores, florists, education institutions to car service centers. The platform provides merchants with various options like SMS, NFC, QR codes, Web/Mobile Apps and a POS Software integrated approach to help collect payments both offline as well as online.
Speaking on investment, Mohit Lalvani, Co-founder & CEO, QuikWallet, said
The line between online and offline is blurring with offline merchants wanting to sell online and vice-versa. On the other hand, banks need to compete with mobile wallets and have to provide a similar solution for their customers. We have now expanded our offering to own the customer whether they transact online or offline, where we work with banks as issuers on our platform. With our open approach, we are trying to create a standard and our DNA of being customer and merchant driven, provides a distinct edge in doing so.
Earlier in August 2013, the Mumbai based startup had raised $500K from the same investor.
The company’s merchant connect platform interfaces with its consumer facing app, enabling businesses and consumers to transact fast and secure. Importantly, with QuickWallet merchants require no hardware whatsoever and sensitive payment information never enters the merchant environment.
To curb security breach, it has the necessary data security certifications and recently applied to the Reserve Bank of India (RBI) for a semi-closed prepaid payments license.
According to Chris Kolenaty, CEO of Snow Leopard Ventures, the approach of Qwikwallet's platform is radically different from that of peers and more sustainable and scalable in the long run. He believes in their potent mix of technology (indigenously developed patent pending platform) and relentless consumer and merchant focus.
Off late, payment landcape in India is catching up fast with the unprecedented penetration of smartphones. Currently, bigger chunk of mobile payments are executed via wallets offered by payment biggies like Paytm, Mobikwik, Citruspay among others. However, QuikWallet doesn’t have wallet and it primarily competes with Paynear and Bengaluru based Momoe.
Going forward, approval for semi-closed wallet from RBI and partnership with merchants will be the key factors for QuikWallet success.