MobiKwik Delivers on Another Year of Strong Growth

MobiKwik has announced the significant growth and several 'industry firsts' it has achieved in the current fiscal year. MobiKwik saw a rise of 600 percent in revenues, closing the calendar year 2013 with a total user base of 4 Million. Additionally, it was the first to launch a mobile consumer wallet and reach 1 Million downloads for its Android App. Nearly 10,000 new users sign up for a MobiKwik wallet every day. It powers more than 100,000 transactions daily, a majority of them via the mobile.

The MobiKwik mobile consumer wallet offers a comprehensive range of services across shopping, recharge, bill payments and more.

In the year 2014, MobiKwik expects continued strong growth. It aims to reach 15 million customers by the end of Calendar Year 2014.

"Our projections indicate that in the next 5 years, more than 300 million Indians would attempt to do their first digital transaction using a smartphone. We hope that this first transaction will be completed via a MobiKwik wallet. For users who are getting on the Internet for the first time using their mobiles, the exhilaration of being able to pay and purchase something is life changing! That's why we have a very loyal user base that is growing at more than 400%" year on year", said Bipin Preet Singh, CEO & Founder, MobiKwik.

Industry trends are aligned to provide MobiKwik the requisite growth. These trends include:

Smartphones to be 'the' smart choice of users: India is set to become the third-largest market for smartphones in four years, according to researcher IDC. Smartphone shipments to India are forecast to rise to 155.6 million units in 2017 from 27.8 million now, accounting for a 10.3% share of the global market. India's year-on-year smartphone shipment growth is expected to be the highest.

The increase in Smartphone usage has created a scenario where more and more day to day activities are conducted on the move. The MobiKwik mobile consumer wallet offers users the convenience of recharge, utility bills payments and online shopping at the tip of their fingers and on the move.

It's an App world: The ubiquity of the Internet and smartphones has ensured a concurrent rise in the number of mobile apps on the market. Mobile Apps are a great way to access all of the things on the internet, can be both practical and extremely fun, and are a great way to increase the functionality of the device.

The MobiKwik Android App achieved the milestone of 1 million downloads This makes MobiKwik the first consumer wallet company to achieve this milestone in its category. The company attributes this fast growth of the App to ease of use, convenience and security. MobiKwik's Android App has consistently been highly rated for being simple to use, fast and light. The app is 700KB in size, that makes it the lightest in its category. It is one of the top 4 Shopping Apps on the Google Play store for Android.

Across all platforms – Andoird, iOS and Windows, the MobiKwik wallet App has more than 2 million downloads.

www is the new shopping destination. E-commerce transactions are expected to reach 40 million and the online retail industry is expected to be worth INR 7000 by 2015. A number of factors are driving e-commerce, including improved convenience, greater customer choice, improved/enhanced security measures and the simplicity of the transaction. Mobile commerce and the use of a mobile wallet is a natural extension to the popularity of ecommerce.

With the MobiKwik mobile consumer wallet, users can store up to Rs. 50,000 in it and then use their wallet to purchase goods and services on third party merchant websites and mobile applications.

The MobiKwik wallet enhances the online/mobile payment experience by allowing users to add money to a prepaid Wallet once and then use the Wallet for multiple transactions in only one click. By reducing the number of steps to realize a payment, the success rate of an online transaction increases significantly because it does not involve any bank account or cards. The MobiKwik wallet is designed to deliver a consistent, fast and repeatable checkout experience for each consumer, irrespective of merchant or channel.

"The mobile wallet will change the face of online commerce by enabling customers to simply make "tap and go" payments with their mobile devices, while increasing loyalty at merchant locations", says Bipin.

Young India is eager to adopt new technologies to support a rapidly changing lifestyle. India's population largely consists of youth (15-34 years). According to a study by ASSOCHAM, India is one of the youngest online demographic globally; nearly 75 per cent of the online audience is between the age group of 15-34 years.

The m-wallet provides the young demographic a convenient and easy way to have cash on themselves. Within MobiKwik's own customer database, a majority, nearly 90% are between 28-44 years of age.

Source : Equity Bulls

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