New Delhi: MobiKwik, India's leading FinTech Company, today announced that its Payment Gateway (PG) business unit (BU) will surpass revenues of Rs 1000 crores for the year 2021.
The company doubled its revenue in the Payment Gateway business in 2019. It's on track to double the revenues in 2020 and is confident of doubling it yet again in 2021. The strong business growth is attributed to the addition of new customers, scaling-up of existing customers and new products that solve hard problems.
MobiKwik has been demonstrating a focus on profitability overall; in the PG BU, the company broke even in April 2019 and has been profitable every month since then.
MobiKwik PG is trusted by over 4,000 online businesses including Uber, Indian Railways, Dream11, etc. and is the third-largest player in India. These businesses choose MobiKwik PG because it has a secure, scalable 24x7 monitored infrastructure, offers universal payment methods (like credit card, debit card, net banking, UPI, EMI, pay later, wallets, etc.) and enables rapid customization of payment flows.
For new-age startups, it offers a simple self-onboarding on its website with open access to payment APIs and sandbo x testing without any formal account creation or charges. The company claims to have the best tech stack for Digital Payments - clocking 94 per cent transaction success rate consistently for Mobile App driven companies (which is most of Indian eCommerce).
The company has recently solved for two major problems faced by Indian eCommerce: 1. Delayed Cash Flow (typically most PGs in India settle to its client's bank on T+1 or T+2 basis where T is the day when payment was made on client's website); thereby client company always needing working capital for one to two days to deal with this delayed payout, and 2. Inability to sell to international users (typically most Indian PGs do not allow their client's apps to accept international credit or debit cards for payment citing risk reasons).
MobiKwik PG has launched two new products to address these - 1. "Instant Payout", where a client gets his settlement on T "Same Day" instead of T+2, thereby eliminating the need for two days of working capital 2.
"Go Global", a service which specifically allows a client app to collect payments from international cards Product innovation such as these, make MobiKwik PG, the platform of choice for enterprises and start-ups across a wide range of industries including financial services, grocery, travel, gaming, utilities, telecom, health, education, auto, and eCommerce.
"We have seen strong traction in our Payment Gateway BU in 2019 and are targeting aggressive (doubling of) revenue goals next two years. Our formula is simple and time-tested - razor-sharp focus on select growth levers, continuous new product development, and discipline of long term business build-out," said Upasana Taku, Co-founder - MobiKwik, while commenting on the success.