MobiKwik

Corporate brand

Indian fintech platform offering digital wallets, payments, bill settlement, credit, insurance and investment-related services.

Last updated November 4, 2026

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Overview

MobiKwik is an Indian financial-technology company that operates a mobile payments and digital-finance platform under the MobiKwik brand. The business was founded in 2009 by Bipin Preet Singh and Upasana Taku. Singh initially developed the company’s website and payment functionality, while the early business operated from a small office in Dwarka, Delhi. Its first product was a closed digital wallet intended to make online payments more convenient, and the company gradually expanded by integrating its wallet with internet merchants and by introducing mobile applications. The company’s wallet became a central part of its consumer proposition. MobiKwik launched a broader digital-wallet system in 2012, allowing users to add funds electronically and use balances for bill payments and other transactions. The Reserve Bank of India authorized the MobiKwik semi-closed wallet in 2013. The platform subsequently added mobile money transfers, merchant payments, payment-gateway services and a range of recurring or utility-payment functions. MobiKwik has positioned itself as a payments-led financial-services provider rather than solely as a wallet operator. MobiKwik expanded into credit and other financial products during the second half of the 2010s. In May 2016, it began offering small consumer loans through a partnership with CashCare, initially covering amounts of approximately ₹500 to ₹2,500. It later introduced Zip, a buy-now-pay-later and credit-line offering developed with partners including Lendbox and Cashfree. The company also added insurance products, mutual-fund access, investment-related services and money-transfer facilities. Its service portfolio has included mobile and DTH recharges, credit-card bill payments, IMPS transfers, accident, life and fire insurance, and payment acceptance for merchants. The company’s growth was supported by venture financing and by the wider shift toward digital payments in India. It raised a reported $25 million Series B round in 2015 from Tree Line Asia, Sequoia Capital, Cisco Systems and American Express, followed by a reported $50 million Series C round in 2016 led by GMO Internet and MediaTek alongside existing investors. In 2017, Bajaj Finance acquired a 10.83% stake for ₹225 crore. Abu Dhabi Investment Authority later acquired a 2.7% stake in June 2021. In 2021, MobiKwik filed plans for an initial public offering, although those plans were subsequently deferred. The company eventually launched its IPO in December 2024 and raised ₹572 crore. MobiKwik has also developed products for users with limited connectivity. In November 2016 it launched MobiKwik Lite, designed for older 2G networks and areas with weaker internet access. During India’s November 2016 demonetisation period, the company reported a sharp increase in transaction activity, reflecting the broader acceleration of digital payments during the cash shortage. The business later pursued international payment connectivity through a 2019 partnership with DT One, while its principal operating market remained India. The platform has faced regulatory, operational and reputational challenges. Google temporarily removed its application from the Play Store in May 2020 for an alleged advertising-policy violation. In 2021, security researchers and users reported that personal KYC data associated with MobiKwik accounts had appeared online. MobiKwik initially denied that its systems had been breached and said it would take legal action, but subsequent reporting led the company to commission a third-party forensic investigation. In 2022, it suspended e-wallet transactions involving major cryptocurrency exchanges in India. In 2024, users criticized the suspension of anytime withdrawals on Xtra, its peer-to-peer lending product operated with Lendbox; MobiKwik attributed the policy change to its P2P partner. MobiKwik’s business is organized around consumer payments, fintech products and payment-gateway services. Reference material describes a user base of approximately 193 million customers and about 5 million merchants as of 2026, with more than 325 employees; these figures are time-specific company or reference claims rather than timeless measures of the brand. Its long-term identity is that of an India-focused digital-payments brand extending into embedded credit and broader financial services.

History

MobiKwik was established in 2009 by Bipin Preet Singh and Upasana Taku. Singh, an IIT Delhi graduate, seeded the company and built its initial website and payment functions. The business began in Dwarka, Delhi, with a closed-wallet model designed to simplify online payments. Early distribution depended on partnerships with internet merchants that added MobiKwik as a payment option. In 2012, MobiKwik introduced a more developed digital wallet that allowed customers to deposit money electronically and use the balance for bill payments and related services. The Reserve Bank of India authorized its semi-closed wallet in 2013. The company then expanded its mobile application to support sending and receiving money, while also working with international businesses such as GoDaddy on payment-regulatory compliance in India. Capital raising accelerated the company’s expansion. In 2015, MobiKwik announced a $25 million Series B financing round involving Tree Line Asia, Sequoia Capital, Cisco Systems and American Express. In May 2016, it announced a further $50 million Series C round led by GMO Internet and MediaTek, with participation from earlier investors. During the same period, MobiKwik moved beyond payments by introducing small loans through CashCare. The initial loan amounts were reported at ₹500–₹2,500. The company also attempted to broaden access to digital payments. Its MobiKwik Lite application, launched in November 2016, was designed for customers on 2G networks and in locations with poor connectivity. India’s November 2016 demonetisation created an exceptional environment for digital-payment adoption, and MobiKwik reported a 400% rise in financial transactions by late December. Reference material also recorded more than 1.5 million merchants and 55 million users at that time. In August 2017, Bajaj Finance purchased a reported 10.83% stake in MobiKwik for ₹225 crore. In 2019, MobiKwik partnered with DT One to pursue international service expansion and began offering a wider set of financial products, including loans, insurance and investment advice. The platform’s credit strategy later included Zip, a buy-now-pay-later and credit-line product developed with Lendbox and Cashfree, and Xtra, a peer-to-peer lending service launched with Lendbox. MobiKwik encountered several controversies and operational issues. Google temporarily removed its app from the Play Store in May 2020 for an alleged advertising-policy breach. In February 2021, researcher Rajshekhar Rajaharia alleged that a hacker group had obtained KYC information relating to nearly 100 million MobiKwik users and offered it on the dark web. MobiKwik rejected the claim and threatened legal action, but later reports from independent researchers and users indicated that MobiKwik-related data was circulating online. TechCrunch reported in March 2021 that the company was commissioning a third-party forensic audit. The company continued to attract institutional capital. Abu Dhabi Investment Authority acquired a reported 2.7% stake for $20 million in June 2021. A secondary employee-share transaction later placed the company’s reported valuation at approximately $1 billion in October 2021. MobiKwik filed an IPO proposal targeting ₹1,900 crore, but deferred the plan. In 2022, it suspended e-wallet transactions with major Indian cryptocurrency exchanges. In September 2024, users of Xtra criticized the suspension of anytime withdrawals, saying their funds were being reinvested into new borrowers without their consent. MobiKwik stated that its P2P partner Lendbox had changed the withdrawal policy and that users could no longer withdraw under the previous terms. In December 2024, MobiKwik proceeded with its IPO and reported raising ₹572 crore. The company remains an India-focused fintech platform organized around consumer payments, financial products and payment-gateway services.

2024
Initial public offering
[1]MobiKwiken.wikipedia.org
MobiKwik launches its IPO in December and reports raising ₹572 crore.
2021
Institutional investment and IPO planning
[1]MobiKwiken.wikipedia.org
Abu Dhabi Investment Authority acquires a reported stake, while MobiKwik files and later defers an IPO proposal.
2019
International partnership and financial-services expansion
[1]MobiKwiken.wikipedia.org
MobiKwik partners with DT One and broadens its product range to include loans, insurance and investment advice.
2017
Bajaj Finance takes a minority stake
[1]MobiKwiken.wikipedia.org
Bajaj Finance acquires a reported 10.83% interest in MobiKwik.
2016
Expansion into small loans
[1]MobiKwiken.wikipedia.org
The company begins offering small consumer loans through CashCare.
2016
MobiKwik Lite launches
[1]MobiKwiken.wikipedia.org
A lower-bandwidth application is introduced for 2G users and areas with limited connectivity.
2015
Series B financing
[1]MobiKwiken.wikipedia.org
MobiKwik raises a reported $25 million Series B round from several institutional investors.
2013
RBI authorizes the wallet
[1]MobiKwiken.wikipedia.org
The Reserve Bank of India authorizes MobiKwik’s semi-closed wallet.
2012
Digital wallet system launches
[1]MobiKwiken.wikipedia.org
MobiKwik introduces a wallet that allows users to add money online and use it for bill payments and other transactions.
2009
MobiKwik is founded
[1]MobiKwiken.wikipedia.org
Bipin Preet Singh and Upasana Taku establish the company in India with a closed digital-wallet service.

Products and positioning

An India-focused digital-payments and fintech platform combining wallet and merchant payments with credit and adjacent financial services.

Digital wallet · 2012
MobiKwik Wallet
MobiKwik’s core wallet product enables customers to store prepaid value, make mobile payments and settle selected bills. The wallet originated as a closed online-payment facility and developed into a semi-closed wallet authorized by the Reserve Bank of India in 2013. The service has also supported money transfers, merchant payments and transactions through mobile applications.
Merchant payments
MobiKwik Payment Gateway
The payment-gateway business provides merchants and online businesses with an option for accepting digital payments through MobiKwik and associated payment methods. It forms one of the company’s principal operating segments alongside consumer payments and fintech services, extending the brand beyond its consumer wallet.
Mobile payments application · 2016
MobiKwik Lite
MobiKwik Lite was designed for customers using older 2G mobile networks or living in areas with weak internet connectivity. Its purpose was to reduce the data and connectivity requirements associated with digital-wallet usage and broaden access to the company’s payment services.
Buy now, pay later and credit
Zip
Zip is MobiKwik’s buy-now-pay-later and line-of-credit offering. The service was developed with partners including Lendbox and Cashfree and represents the company’s move from transaction processing into short-term consumer finance. Specific current eligibility, pricing and availability terms are not established in the supplied sources.
Peer-to-peer lending
Xtra
Xtra is MobiKwik’s peer-to-peer lending platform, operated in partnership with Lendbox. It connects investors or lenders with borrowing activity through the partner platform. In 2024, changes to withdrawal arrangements generated user criticism after anytime withdrawals were suspended.
Fintech services · 2016
MobiKwik financial services
MobiKwik has offered a range of services beyond wallets, including small loans, IMPS money transfers, credit-card bill payment, mobile and DTH recharge, mutual funds, investment-related guidance, and accident, life and fire insurance. Product availability and the exact role of third-party partners may vary by period and regulatory conditions.

Controversies

2024
Xtra withdrawal-policy controversy
Users criticized the suspension of anytime withdrawals on Xtra, claiming that funds were being reinvested into new borrowers without their consent. MobiKwik said the policy had been changed by its P2P partner, Lendbox, and that withdrawals were no longer available under the previous terms.
Source
2021
Alleged KYC-data exposure
Security researchers alleged that KYC information connected to nearly 100 million MobiKwik users had been obtained and circulated on the dark web. MobiKwik denied the allegation and said it would pursue legal action, while later independent reporting and user accounts indicated that related data was available online. The company subsequently engaged a third party to conduct a forensic security audit.
Source
2021
RBI examines MobiKwik forensic audit report
An RTI response revealed that the Reserve Bank of India was examining a third-party forensic audit report submitted by MobiKwik concerning allegations of a data breach.
Source
2021
MobiKwik faces allegations of a user-data leak
A security researcher claimed that personal information belonging to 3.5 million users was offered for sale on the dark web, and users reportedly said they found their details there. MobiKwik denied that the data came from its systems, said its investigation found no evidence of a breach, and said it would arrange a third-party forensic data-security audit.
Source

2016Demonetisation-era digital-payment adoption
India
MobiKwik promoted and benefited from increased use of digital payments during India’s 2016 demonetisation period. The company reported a substantial increase in transaction activity as consumers and merchants sought alternatives to cash.
Outcome. The company reported a 400% increase in financial transactions by late December 2016.
Source

Brand decisions

2024
Proceed with the initial public offeringOther
Background
MobiKwik had previously filed IPO plans and later deferred them.
Action taken
The company launched its IPO in December 2024.
Aftermath
MobiKwik reported raising ₹572 crore through the offering.
IPO proceeds. ₹572 crore (December 2024)
Source
2022
Suspend wallet transactions with major crypto exchangesStrategy
Background
The Indian digital-asset sector was subject to heightened regulatory and compliance uncertainty.
Action taken
MobiKwik suspended e-wallet transactions involving major cryptocurrency exchanges in India.
Aftermath
The decision limited the wallet’s use for crypto-exchange transactions.
Source
2019
Broaden from payments into financial servicesStrategy
Background
MobiKwik aimed to increase the range of services available through its payments relationship with consumers.
Action taken
The company began offering loans, insurance and investment advice, while also developing credit and peer-to-peer lending products with partners.
Aftermath
The brand evolved toward a broader fintech model encompassing payments, credit and financial-product distribution.
Source
2016
Enter small-ticket consumer lendingProduct launch
Background
MobiKwik sought to extend its wallet and payments relationship into financial services.
Action taken
The company partnered with CashCare to offer loans initially reported at ₹500–₹2,500.
Aftermath
This move established credit as an important part of MobiKwik’s fintech expansion.
Initial reported loan size. ₹500–₹2,500 (May 2016)
Source
2016
Launch MobiKwik LiteProduct launch
Background
Large parts of the Indian market continued to rely on slower mobile networks and inconsistent connectivity.
Action taken
MobiKwik introduced a lightweight application for 2G users and low-connectivity locations.
Aftermath
The product supported the company’s effort to make digital payments accessible beyond high-bandwidth smartphone users.
Source

Recent events

2024
MobiKwik raises ₹572 crore in its initial public offering[1]MobiKwiken.wikipedia.org
Other
The company launched its IPO during the second week of December and reported raising ₹572 crore.
2022
MobiKwik suspends wallet transactions with major crypto exchanges[1]MobiKwiken.wikipedia.org
Regulation
The company stopped e-wallet transactions involving major cryptocurrency exchanges in India.
2021
MobiKwik defers its planned initial public offering[1]MobiKwiken.wikipedia.org
Other
The company filed plans to raise ₹1,900 crore through an IPO but later postponed the offering.
2020
Google Play Store temporarily removes MobiKwik[1]MobiKwiken.wikipedia.org
Regulation
The application was briefly removed from Google Play for an alleged violation of Google’s advertising policy.
2017
Bajaj Finance acquires a stake in MobiKwik[1]MobiKwiken.wikipedia.org
M&A
Bajaj Finance acquired a reported 10.83% stake for ₹225 crore.
2016
MobiKwik begins offering small consumer loans[1]MobiKwiken.wikipedia.org
Product launch
Through a CashCare partnership, the platform started offering small loans to consumers.
2016
MobiKwik launches MobiKwik Lite[1]MobiKwiken.wikipedia.org
Product launch
The lightweight application targeted customers using 2G networks or living in areas with unreliable connectivity.
2016
Digital-payment activity rises during Indian demonetisation[1]MobiKwiken.wikipedia.org
Other
MobiKwik reported a 400% increase in financial transactions by late December after India withdrew major banknotes in November.
2015
MobiKwik raises a reported $25 million Series B round[1]MobiKwiken.wikipedia.org
Other
The company raised funding from Tree Line Asia, Sequoia Capital, Cisco Systems and American Express.
2013
MobiKwik receives approval for its semi-closed wallet[1]MobiKwiken.wikipedia.org
Regulation
The Reserve Bank of India authorized MobiKwik to operate its semi-closed digital wallet.

Sources25 sources

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