Mobikwik, even though surprisingly not getting an RBI approval for a mobile banking license, is continuing with its aggressive expansion plans. In an indication of its growing reach, the company has today announced exclusive partnerships with some of the biggest grocery delivery startups operating within the country.
Announcing fresh new partnerships, Mobikwik has now partnered with Grofers, BigBasket, MeraGrocer, and GrocerMax to allow their customers to use Mobikwik wallets while ordering groceries.
Other popular brands currently using MobiKwik’s services include Uber,Myntra, Jabong, Pepperfry, HomeShop18, MakeMyTrip, Cleartrip, and Yatra.com However, a lot of them also have PayTM and their in-house payment services integrated as well.
Commenting on the partnership, Bipin Preet Singh, Founder and CEO, MobiKwik said in a statement,
The explosive growth of hyper-local grocery app is testament to the fact that convenience and speed are two key attributes that drive user behavior today. Now that MobiKwik wallet is live across all the big players in the grocery app segment, users would find the purchase experience become all the more faster and convenient.
A smooth payment experience is key to the success of m-commerce. Customers tend to tire of re-entering payment information and that leads to high rates of sales abandonment. MobiKwik’s 1-tap payments do away with those hassles.
Mobikwik, in its statement sent to us, is also detailing about transactions made via its wallet and future targets.
As per company statistics, most MobiKwik users make 10 purchases every month using their wallet balance across diverse use cases such as recharge, bill payments, food, travel & cabs, shopping, and entertainment.
Mobikwik, connecting 25 million users with 50,000 retailers is planning to power $5B in payments between 150M users and 500,000 retailers.
Mobikwik has so far raised close to $30 million in funding till now from Sequoia Capital, American Express, Tree Line Asia, and Cisco Investments. The company plans to raise another $50-100 million in 2015. MobiKwik is disrupting the payments space further by creating an offline retail network of more than 100,000 merchants across India that will serve both, as points for cash loading into the wallet and for wallet payments acceptance.