07/05/2015 3:31 PM IST | Updated 15/07/2016 8:25 AM IST

MobiKwik Aims For Doubling Of Revenue As More People Switch To Mobile Payments

A man inserts Euro bills in his wallet in Bochum on Saturday Sept. 1, 2001. The leather-industry expects an increased demand for new wallets, because most of the current wallets are too small for the Euro-bills. Financal institutes in Germany are supplied with the new European currency for the first time on Saturday. (AP Photo/Michael Sohn)

NEW DELHI — Digital payment solutions firm MobiKwik aims to double its revenue run rate to Rs 4,000 crore in the current fiscal as it sees a pick up in usage of its mobile wallet user base and widens partnerships in the country. The company expects 20-25 per cent of its revenue run rate to come from the travel vertical.

Revenue run rate is a term used in online retailing to indicate total value of merchandise sold over a time-frame. The company has recently tied up with firms like MakeMyTrip, Cleartrip,Yatra.com and Goibibo, where users can pay for hotel and transport bookings via MobiKwik wallet.

"Travel is one of the biggest segments in online commerce and we expect it to account for a significant proportion. We expect to facilitate travel and hotel bookings worth Rs 200 crore over the next 12 months," MobiKwik Founder and CEO Bipin Preet Singh said.

MobiKwik, which competes with the likes of Paytm and PayU, claims to have 17 million users of its wallet service. According to IAMAI s Digital Commerce Report 2014, the Indian online travel industry, pegged at USD 8.2 billion, has been growing at around 20 per cent year-on-year and constitutes 61.4 per cent of the total online commerce in India.

READ: MobiKwik CEO Bipin Preet Singh's interview with HuffPost

Similarly, the market for online hotel bookings is expected to reach USD 1.8 billion by 2016 with over 8 million Indians booking their hotel rooms on the Internet, according to a report by Google. MobiKwik, which is is eyeing a revenue run rate of Rs 4,000 crore this year, expects travel to account for 20-25 per cent of this.

(With inputs from agencies)

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