There is a pride that you feel when you talk of an indigenous brand that has made it to the list of the industry bigwigs. It is true, irrespective of wherever you live and reside. One such company that has been on the crest of a wave, growing big with the passage of time, is MobiKwik. It started as an online payment app, became a roaring success in the Indian mobile wallet industry, and widened its horizon to enter the wealth management industry. Today, with 120 million+ registered users and working across a network of 3 million+ merchants, MobiKwik is definitely a great force to reckon with in the fintech sector.
Today we will chart MobiKwik's journey to unravel seven key factors that have contributed to the success story of the fintech platform.
- The founding members
As is commonly known, entrepreneurs need to Think Big! And, that is exactly how the ideas and philosophies of the two founders of MobiKwik can be summed up. The company was started in 2009 by Bipin Preet Singh, current CEO, and Upasana Taku, current COO.
The idea of MobiKwik was born when Mr. Singh proposed a payment platform with an easy-to-use UI for enabling users to pay mobile bills, recharge their prepaid connections, and carry out other online transactions using a digital wallet. To start with, it was a website-driven platform to become an Android app in 2012. What is inspiring is the story of the owners who had middle-class backgrounds yet had tremendous faith in their startup dream. They had the grit and the determination to give their startup a hundred percent and more. Investing their hard-earned savings with no family support was no easy journey; nonetheless, they were not ready to give up even when it was just the two of them coding, handling customer support, developing business, looking for funds and investors, and more. While many entrepreneurs and founders have similar stories to share, it is the self-belief these two had that sowed the seed of success for the Indian brand.
- Widening horizon – ready to embrace opportunities
The company started as a simple platform for online recharges and bill payments. Considering that the platform was launched when the number of internet users in India was still at despairing numbers, it was a big step. But, the company surely could not have just remained as an online payment platform or website if it had to grow. That is where the vision and foresight of the founding members came into work. They were eager and enthusiastic, but more importantly, they were always looking for opportunities, so they never missed the train or even got delayed on their journey to success.
The company tied up with multiple service providers in multiple gamuts, launched the app and SMS-based recharge model, worked on the 'pull' model, reaching out to retailers and online merchants, to getting finance companies and investors to fund their venture and offer enhanced services to their customers, MobiKwik ZIP, wealth management and more, you will find them taking advantage of every opportunity that knocked on their doors.
- MobiKwik Wallet
MobiKwik's success tale cannot be complete without mentioning the versatile and dynamic MobiKwik wallet. Today, users can use the wallet to make payments and bank transfers and receive credit. The brand has worked hard, focusing on strengthening the mobile wallet facility like none of its competitors.
- Great Partnerships
You need strong partners backing you to push you towards success. MobiKwik's success story has witnessed several leading financial companies coming on board as partners for its various financial products.
For example, they have tie-up with Bajaj Finance & Home Credit India to offer instant loans to its registered users. The company has also partnered with Flipkart, Snapdeal and other brands to offer its biller stack.
- Digital Loans
One of the key factors behind MobiKwik becoming a full-stack fintech company has been its loan segment. It has been a watershed point in the graph of the company, aptly termed the hero product. Working with several NBFCs, the app offers instant loans to its users. The amount started with ₹5,000, got increased to ₹60,000, and today users can avail up to ₹5,00,000 as the loan amount.
TAT or the Turnaround Time has been the silver lining, with the loan processing time ranging between 90 seconds to 5 minutes.
- Aiming to be a full-stack fintech company
MobiKwik is one of the few companies that has worked on its product offerings to bring a comprehensive range of financial services to the fingertips of Indian consumers. Starting as an online payment provider to digital wallets to loan facilities and now wealth management and insurance, the company has revolutionized the conventional banking and financial services industry. However, it is not the end of the journey, and you can expect a lot more to happen in this decade.
- Reaching out to users in Tier-2 and Tier-3 cities
With increasing digital penetration, the company has been actively working on popularizing online payments in Tier-2 and 3 cities in India. The concept of using the smartphone as a one-point for handling most financial services has gained momentum in the suburbs, smaller cities, and towns. Thus the dream of Digital India is being encouraged dynamically by platforms like MobiKwik.
The success story of MobiKwik is a case study for many native Indian brands – its rise from having originated in a one-room set in the capital to becoming a leader in the fintech sector. Don’t believe us? Just download the MobiKwik app and check for yourself!