Digital payment solutions provider MobiKwik is targeting revenues of Rs 40 billion in 2015-16. It is planning to spend about Rs one billion on marketing and advertising over the next few months to expand the user base of its mobile wallet services in the country. The company presently has about 17 million users, and is targeting to have more than 100 million users of its mobile wallet service by the end-2015.
The company has stated that it is witnessing a strong traction in user growth and usage of its wallet service, accompanied by the growth in the wallet sizes. Offline retail and segments such as travel are driving this growth. Currently, the company gets a small percentage of its revenue from offline retailers but expects the contribution to grow to 20-25 per cent as it expands partnerships with more stores.
