MobiKwik to invest $10 million this year
, ET Bureau|
Feb 07, 2018, 09.15 AM IST
MUMBAI: Digital financial services platform MobiKwik is all set to invest $10 million to launch a suite of products to widen its financial services offerings in 2018. In keeping with that target, MobiKwik has launched a SaaS based digital solutions, Magic, to digitise corporate processes, rewards and reimbursements.
MobiKwik's play in the employee benefit and reimbursement space comes shortly after the finance minister encouraged the digitisation of corporate reimbursements in Budget 2018.
MobiKwik Magic will include employee benefits such as reimbursements for food, fuel, medical, phone, LTA and other company benefits - all accessible digitally for corporations and employees. The employee benefit and reimbursements industry in India is estimated at over Rs 5,000 crore and is driven by paper bills and trails.
"The product will be free for the first 90 days and then, depending on penetration, we will decide on monetising it. (Magic) could be a stepping stone for other value added services for MobiKwik which we intend to launch in 2018," CEO Bipin Preet Singh told ET.
Through Magic, the platform hopes to achieve a revenue opportunity of over Rs 8,400 crore by 2020.
MobiKwik's play in the employee benefit and reimbursement space comes shortly after the finance minister encouraged the digitisation of corporate reimbursements in Budget 2018.
MobiKwik Magic will include employee benefits such as reimbursements for food, fuel, medical, phone, LTA and other company benefits - all accessible digitally for corporations and employees. The employee benefit and reimbursements industry in India is estimated at over Rs 5,000 crore and is driven by paper bills and trails.
"The product will be free for the first 90 days and then, depending on penetration, we will decide on monetising it. (Magic) could be a stepping stone for other value added services for MobiKwik which we intend to launch in 2018," CEO Bipin Preet Singh told ET.
Through Magic, the platform hopes to achieve a revenue opportunity of over Rs 8,400 crore by 2020.
