MobiKwik is an Indian payment service provider founded in 2009 that provides a mobile phone-based payment system and digital wallet.
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17 Facts About MobiKwik
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MobiKwik employs over 325 people, operating in three segments including consumer payments, fintech, and payment gateway.
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MobiKwik was founded in 2009 by husband and wife team Bipin Preet Singh and Upasana Taku.
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MobiKwik seeded the company, developed the website and payment options, and rented office space in Dwarka, Delhi.
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MobiKwik initially partnered with online merchants to make their wallet available as a payment option on e-commerce sites.
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MobiKwik launched a digital wallet system in 2012 that enabled users to deposit money online to use for bill payments and other features.
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MobiKwik provides financial services including loan, accident insurance, life insurance, fire insurance, IMPS money transfer, credit card bill payment, mutual funds, and DTH recharge.
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In September 2014, Express Computer reported how MobiKwik was partnering with GoDaddy and other international companies to help them comply with Indian payment regulations.
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MobiKwik launched its MobiKwik Lite mobile app in November 2016, designed for users of older 2G mobile networks and for those in areas with poor internet connectivity.
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In 2019, MobiKwik announced a new partnership with DT One to expand their service internationally.
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In 2013, after founder Singh's initial $250k seed investment, MobiKwik raised $5 million in Series A funding from an unnamed US-based VC firm.
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On 21 July 2021, MobiKwik filed a draft red herring prospectus with the Securities and Exchange Board of India to raise 1,900 crore through an initial public offering.
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The Economic Times reported that MobiKwik had reached a valuation of $1 billion in October 2021, following a secondary employee stock ownership sale led by former Blackstone India chief Mathew Cyriac.
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MobiKwik wallet is a semi closed wallet authorized in 2013 by the Reserve Bank of India.
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MobiKwik had built biller stack for e-commerce companies to integrate bill payments category into their mobile apps.
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In November 2016, MobiKwik launched its MobiKwik Lite mobile app aimed at users in poor internet connectivity regions and consumers using older 2G cellular networks.
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