MobiKwik eyes 5 lakh merchants on its platform in 12-18 mths

Mobile payments network Mobikwik said it is eyeing 5 lakh merchants on its platform in the next 12 to 18 months and has partnered with retail stores including Croma, Pantaloons, Star Bazaar and ZopNow to bolster its user base.

The company has been focusing on strengthening its merchant base across organised and unorganised retail, and will power e-cash payments with its mobile wallet in outlets of these brands across the nation, it said in a statement here.

MobiKwik has so far networked with over 100,000 retailers including Big Bazaar, Big Basket, Grofers, Ezone and Dominos.

MobiKwik claims that it registers over 1.5 million daily transactions and also allows users to load money in their wallet with cash.

The company offers exclusive cash pick-up service in New Delhi, Mumbai, Bangalore, Surat and Jaipur. In addition, users can walk into 100,000 locations in 10,000 cities to deposit cash in their wallet, it said.

Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik connects 35 million users with one lakh retailers.

It has raised three rounds of funding from Sequoia Capital, American Express, Tree Line Asia, MediaTek, Net1, GMO Payment Gateway and Cisco Investments.