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MobiKwik eyes Rs 800cr monthly GMV, to expand offline partners
Mobile wallet company Mobikwik has said it expects monthly GMV to touch Rs 700-800 crore over the next 12 months with half of it coming from offline channels like mom-and-pop stores and restaurants.
The company, which has 10,000 offline merchants as partners, is also looking at aggressively expanding the base to a lakh in the same period. "Overall, we expect the monthly gross merchandise value (GMV) to be about Rs 700-800 crore in the next 12 months.
Of this, about Rs 400 crore will come from offline partners," MobiKwik Founder and CEO Bipin Preet Singh told PTI today. He added that the company has enabled five lakh mobile payments in the offline space in about three months. GMV is a term used in online retailing to indicate the gross merchandise value of the products sold through the marketplace over a certain period of time.
"The aim is to grow this over 10X and take it to 50 lakh a month in the next 12 months. While the 5 lakh transactions in 3 months amounted to Rs 60 crore, we expect that over the next 12 months, the monthly GMV will touch Rs 400 crore with five million transactions a month," he said.
MobiKwik has partnered merchants like Big Bazaar, WHSmith India, Café Coffee Day and Store King in the offline space. The average ticket size of transactions is currently between Rs 1,000 to Rs 1,200. This is expected to come down to about Rs 800 as more mom-and-pop stores get added.
Singh said the top five cities for offline mobile payments for the company were Mumbai, Bengaluru, Kolkata, Hyderabad, and Delhi.