Mobile wallet giant Mobikwik has seen a 400% surge in transactions since the demonetisation of high-value currency by the Central Government in November. According to the co-founder of Mobikwik, Upasana Taku, the mobile wallet now has a base of 4.5 crore users, which has grown from 3.5 crore users before demonetisation. Taku also added that 43 lakh of the total users are from Gujarat.
In Ahmedabad, after launching the Mobikwik LITE mobile application in Gujarati, Taku said, “Gujarat is our third major market after the Delhi region and Mumbai-Pune subsequently. We have certain features like ‘cash pick-up’, which we are launching in Gujarat’s cities like Surat, after cities like Delhi, Mumbai and Bengaluru, after getting considerable demand from the state.”
“Mobikwik LITE” mobile app is 700 KB in size, which makes it easy to run on networks with slower bandwidths as well.They are also looking forward to expand aggressively from now. Mobikwik founders have plans to set up an office in Gujrat, employing people for the office as well as for the sales force on the street. Their financial planners are planning to invest about Rs 20 crore each month for attaining new users, merchants and sales force for approaching the merchants.”
The firm has three tier businesses model. Through its mid-size accounts of retail stores like Groffers and Chroma, Mobikwik sees about 300 users signing up daily.
MobiKwik sees 400% Increase in Transactions Post Demonetisation
