MobiKwik Expands Reach to Online Grocery Market

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MobiKwik Expands Reach to Online Grocery Market
Mobile payments bank MobiKwik on Monday said that it tied up with four online groceries players to aid its 25 million consumers to make payments more easily.

"Now users can start paying for their grocery purchases at Grofers, BigBasket, MeraGrocer, and GrocerMax using MobiKwik wallet. Most MobiKwik users make 10 purchases every month using their wallet balance across diverse use cases such as recharge, bill payments, food, travel & cabs, shopping, and entertainment," MobiKwik said in a release.

According to research firm IGD, India's online grocery market, estimated to be less than $100 million (roughly Rs. 664 crores) at present, will cross $25 billion (roughly Rs. 1,66,117 crores) by 2020. It is expected to overtake Japan to become the third-largest market globally by 2016, the research firm said.

"The explosive growth of hyper-local grocery app is testament to the fact that convenience and speed are two key attributes that drive user behaviour today. Now that MobiKwik wallet is live across all the big players in the grocery app segment, users would find the purchase experience become all the more faster and convenient," said MobiKwik founder and CEO Bipin Preet Singh.

MobiKwik has so far raised close to $30 million (roughly Rs. 199 crores) in funding till now from Sequoia Capital, American Express, Tree Line Asia, and Cisco Investments. The company plans to raise another $50-100 million (roughly Rs. 332 crores - Rs. 664 crores) in 2015.

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