Online wallet company MobiKwik plans to ride the government’s Smart Cities scheme for the next wave of growth and bumper revenues.
“The government’s Smart Cities initiative has opened up the entry of companies like ours into various services. While we think the overall market for digital payments is of Rs 40,000 crore, we are sure of capturing half of it in the next five years,” said Upasana Taku, co-founder, MobiKwik.
Under the Smart Cities Mission, the Centre proposes to develop 100 cities with an overall budgetary allocation of about Rs 1,00,000 crore. It will be investing Rs 100 crore every year for the next five years in each of the short-listed 100 cities.
MobiKwik has already managed to bag two cities, Bhopal and Bengaluru, and plans to work with more in the months to come. The company is eyeing gross transactions of around Rs 20,000 crore in the next five years, from its involvement in the scheme.