MobiKwik offers loan, accident, life, and fire insurance, as well as IMPS money transfer, credit card bill payment, mutual funds, and DTH recharge services.

Bipin Preet Singh and Upasana Taku, a husband and wife partnership, created MobiKwik in 2009. Bipin Preet Singh, an IIT Delhi graduate from 2002, saw a chance to increase cell phone recharge possibilities. He put money into the business, built the website and payment methods, and rented office space in Dwarka, Delhi. MobiKwik began as a website with a locked wallet, but over time, they expanded their business to include mobile apps. Initially, the business worked with internet retailers to make its wallet a payment option on e-commerce sites.

MobiKwik has become one of India's most popular mobile wallets
MobiKwik has become one of India’s most popular mobile wallets

Initially, the business worked with internet retailers to make its wallet a payment option on e-commerce sites. In November 2016, the business released the MobiKwik Lite mobile app, which is aimed at users of older 2G mobile networks and individuals who live in places with limited internet access. Consumer payments, fintech, and payment gateway are among the company’s three business sectors, which employ approximately 325 individuals.

Mobikwik has an interesting name since it stands for the quickest (fastest) means to mobile independence. Mobikwik has grown into a digital wallet business with daily revenue of about 1 billion rupees.

Mobikwik, according to Bipin, has the most active digital wallet customers in India (more than Airtel Money) who trust the firm with their money. The great majority of these wallet users make their payments by mobile (SMS, IVR, Android, iPhone, or Blackberry App). Mobikwik’s Android app, which was released in September, is India’s fastest-growing wallet app, with over 500,000 downloads.

How does Mobikwik work?

A virtual wallet enables all Mobikwik transactions. Adding money to the wallet lets customers pay for goods and services with a single click using the mobile app, the Web site, via SMS, or by phoning a phone number.Users may use Mobikwik to recharge mobile phones and pay bills in India, including prepaid and postpaid phones, television and DTH, data cards, broadband or landline phones, energy, gas, and insurance. They also have a Mobikwik App for Android and iPhone, which allows users to buy deals and items in a variety of categories, including food (Cafe Coffee Day), shopping (eBay,, and travel (Mobikwik) (MakeMyTrip).

Mobikwik’s Fundings

MobiKwik secured $5 million in Series A funding from an unknown US-based VC company in 2013, after creator Singh’s original $250k seed investment. [requires citation] Series B rounds from Chinese investment firm Tree Line Asia and American firm Sequoia Capital garnered an additional $31 million in 2015, with participation from US technology giant Cisco Systems and financial services company American Express. The company announced a $50 million Series C investment in May 2016, led by Japanese Internet provider GMO Internet and Taiwanese semiconductor manufacturer MediaTek, with Sequoia and Treeline Asia as investors, bringing total funding to more than $80 million.On June 19, 2017, Medianama stated that Mobikwik has verified to them that they had secured $150 million from unnamed investors at a valuation of $1 billion. Bajaj Finance purchased a 10.83 percent interest in MobiKwik for 225 crore on August 3, 2017.

Mobikwik’s Success

MobiKwik employs 325 people across three business segments: consumer payments, fintech (credit, mutual funds, and so forth), and payment gateway. Consumer payments accounted for 63 percent of net revenue in FY20, with Fintech accounting for 25% and Payment Gateway accounting for 12% of total net revenue. On a standalone basis, MobiKwik’s merchant-facing Payment Gateway Business (through its subsidiary Zaakpay) generated a net income of Rs 190 crore in FY20, up from Rs 101 crore in FY19.

MobiKwik has already received $5 million in funding from a group of investors in April 2021. Furthermore, the firm has received new funding from the Abu Dhabi Investment Authority in the amount of $20 million. The most recent investment was made in June 2021, about two months after the company previously solicited capital. MobiKwik’s previous round of funding resulted in a 47 percent increase in only two months, valuing the company at $736 million, putting it on track to become a unicorn by October 2021.