Mobile wallet app MobiKwik announced that it is partnering with Singapore-based DT One to expand into international markets.
The partnership will enable the app to offer international mobile recharge, rewards and airtime credit services in more than 150 nations across some 550 mobile operators. The service is geared towards Indians living overseas and immigrants in India, Upasana Taku, co-founder of MobiKwik, told reporters.
With millions of Indians overseas to pursue education or find employment, there is currently no convenient way for them to receive money from family and friends in India when their phones need to be topped up. This new functionality will enable this service, with no processing fees.
“This is the first service we are launching. We will eventually add other essential services as well. Mobile recharge will offer us good data points and will help us understand different markets,” Taku added.
The company is also studying different regulatory frameworks in overseas markets and holding conversations with stakeholders, she said.
The launch of the new service comes as MobiKwik has revealed that it is getting closer to profitability. In fact, the company reported that its revenue has grown by 100 percent. It expects to become profitable this year and go public by 2022.
“We are looking for an investor who will help the company go for an initial public offering (IPO) in three years,” co-founder and chief executive Bipin Preet Singh recently said, according to Press Trust of India.
In the last year, MobiKwik has expanded to offer financial services such as loans, insurance and investment advice. The company’s biggest rivals include Paytm, PhonePe and Google Pay.
In 2017, MobiKwik was in talks to raise $100 million to $150 million in venture funding, which never came to fruition. Its investors include Sequoia Capital, Bajaj Finance and South African firm Net 1 UEPS Technologies.
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