MobiKwik sees growth returning by Aug-Sep, to hire 100 people in FY21

Fintech major MobiKwik on Sunday said it expects to get back to growth trajectory around August-September as digital transactions pick up at offline retailers, and demand in categories like travel returns.

The company also plans to hire about 100 people this fiscal, including for product and engineering functions.

"March was a bumper month and we wrapped the year at $75 million revenue (over Rs 570 crore) in FY20. However, there was a dip in April and May because of the travel segment, and even ecommerce had restrictions," MobiKwik Co-founder and COO Upasana Taku said.

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"June has been a good quarter. At the same time, our bill payments product has done well as people go digital for paying their bills," she added.

MobiKwik expects to reach about 90 percent of its peak volume by July and get back to March-like numbers by August-September, she added.

MobiKwik Biller Stack has already clocked Rs 50 crore in gross merchandise value (GMV) within 90 days of launch (in March 2020), she said.

The product was launched first with Flipkart in March this year, followed by ixigo, Snapdeal, and Confirmtkt in April and May.

Taku noted that the company, which competes with the likes of Paytm and PhonePe, is adding four to five million new users a month.

"While the first half of the year has been a washout, we are confident of good growth in the later months. We were looking at doubling our growth from last year, but we should at least be in the ballpark of $120 million," Taku said.

MobiKwik's hiring process has been on even amid the lockdown, and it has onboarded 32 people in the last two months.

"We will hire 30 more people in the next two months, and for the fiscal, we are looking at hiring 70-100 people. These are across engineering, product, and data, mainly senior tech roles," she said.

Taku added that the company expects most of its 340-member staff to continue working from home in the coming months.