MobiKwik aims to process $5 bn transactions in next 2 years

It also plans to raise up to $100 million in funding this year

Bullish on increasing user base, mobile payment solution provider MobiKwik aims to process transactions worth USD 5 billion in the next two years.

Also, it has plans to raise up to USD 100 million in funding this year.

"This year we are looking at processing transactions to the tune of USD 700 million. Eventually, MobiKwik aims to power USD 5 billion in payments between 150 million users and 5,00,000 retailers," its Founder and CEO Bipin Preet Singh told PTI in an e-mail interview.

MobiKwik so far has raised close to USD 30 million in funding till now from Sequoia Capital, American Express, Tree Line Asia, and Cisco Investments.

"We are looking to raise another USD 80-100 million this year," Singh said when asked about plans to raise fresh fund.

Last year, the company grew at a pace of 600 per cent and processed transactions worth USD 190 million in payments.

The company currently empowers 17 million users, and is looking at activating 100 million new digitally paying users by 2016-17, Singh said.

Betting big on mobile wallet payment in India, MobiKwik plans to expand it further in 2015 by opening up digital payment solution for people who do not have access to banking services, he said.

"We are doing this by creating an offline retail network of more than 1,00,000 merchants across India that will serve both as points for loading cash into the wallet and for wallet payments acceptance.

"Our newly launched 'Cash Pickup' service also enables non-banking users to kick-start their mobile wallet journey by adding cash directly into MobiKwik wallet," he said.

The company has already applied for a payments bank licence in February 2015.

"With a potential payments bank license, we aim to leverage the power of mobile technology to make financial services accessible to people who are currently not part of the banking system," Singh said.

He said MobiKwik aims to make physical wallets redundant in the country.

"All alternate payment instruments, including cards and cash, which still accounts for 95 per cent of the transactions in India, also function as a rival for us.

"In another 5 years, we expect MobiKwik to become the default payment instrument in the country, replacing both cash and cards," Singh said.

On hiring plans, Singh said the current team size is around 250 and the plan is to increase to 300 in few months.

In reply to a question on company's view on government policy, he said: "We welcome and laud government's initiatives towards a better India including the 'Digital India' campaign that extends the benefits of information and communications technology to a larger population.

The company facilitates transactions of payments for Uber, Meru Cabs, Big Bazaar, WHSmith India, Cafe Coffee Day, PVR, BookMyShow, Domino's, Pizza Hut, Star Sports, GoDaddy, eBay, ShopClues, Myntra, Jabong, Pepperfry, HomeShop18, MakeMyTrip, Cleartrip, and Yatra.