MobiKwik invests in Pivotchain for fintech offerings

Mobile wallet company Mobikwik today said it has invested Rs 2 crore in Pune-based data science company, Pivotchain Solutions.

The investment will strengthen Mobikwik's fintech offerings, the company said in a statement.

Founded in 2017 by Deepak Rao and Yogendra Pratap Singh, Pivotchain Solutions is a predictive analytics firm with expertise in machine learning and artificial intelligence and has built exclusive AI and deep learning models for Mobikwik.

These models will be instrumental for MobiKwik as it rolls out numerous lending products to address the credit requirements of its user base, the statement said.

It added that within a year of its existence, Pivotchain is working closely with banking, insurance, retail and government sectors globally.

MobiKwik founder and CEO Bipin Preet Singh said the company's focus on delivering high quality fintech products will require immense focus on data, and an in-depth understanding of the user requirements across categories.

"Pivotchain is doing incredible work in alternate data scoring, predictive modeling and risk management and this investment will give us an edge over competition. We will continue to invest in companies that can add value to our business," he said.