Gurugram-based payments startup MobiKwik, on Monday, said that it is looking to target 1.4 lakh crores in annual payment volume through its payment gateway (PG) business.
According to MobiKwik, the gateway product was originally developed in 2012 with the singular objective of providing the best success rate for loading of money in its consumer wallet app.
However, in the last one year, several new products have been launched on the PG such as UPI Intent flow, link-based payments with smart links, bank offers on checkout page, instant payouts, as well as split payout to multiple accounts (for marketplaces).
In April this year, the payments startup claimed that its PG business broke even operationally, and has been successively profitable since then. Additionally, MobiKwik also reported a profit of Rs 70 lakh in June 2019.
“Our product and user experience (UX) philosophy is to keep it simple and ultra-fast. Payment Gateway is one of our fastest growing verticals and will play an instrumental role in our path to profitability,” said Upasana Taku, Co-Founder of MobiKwik.
At present, MobiKwik PG claims to have 20 million credit cards, and over 94 million unique cards saved on the platform.
Some of the key clients to MobiKwik's payment gateway include Uber, IRCTC, Dream11, Bajaj Finance, Zomato, Grofers, Blue Dart, Delhivery, Dominos, as well as Maruti Suzuki.
The gateway also claims to be clocking 94 percent transaction success rate consistently.
[Startup Bharat] No internet, no problem: this Hubli-based startup is enabling digital payments...
MobiKwik states that it is will enrol at least 10 million users by FY 2020 to avail at least three financial services on its platform, including insurance, credit and digital payment services.
Currently, it claims to have more than 107 million users, as well as three million merchants, and over 200 billers. In January, Upasana said that the company is working towards an IPO in the next three years.
The company recently raised Rs 8.67 crore in funding from venture debt fund Trifecta Capital as well as media company NDTV, as per its ROC filings.
Last month, MobiKwik entered the international market by partnering with global B2B network DT One for a mobile top-up solution. It is now offering mobile recharge in 150 countries across 550 mobile operators on its mobile app.
This is available in various geographies including the Middle East, Asia Pacific, Europe, Africa, the US, Latin America, and the Caribbean.
(Edited by Saheli Sen Gupta)