While the cash crunch may have hurt consumption in the short term, Christmas definitely came early for digital wallet companies like MobiKwik which added one crore users and nine lakh merchants on its platform over the last two months.
The digital payment platform now wants to take its consumer base to 15 crore by the end of this calendar year, co-founder Upasana Taku said in a press statement on Thursday. But with new consumers coming on board, digital companies also need to ramp up their back-end infrastructure. Mobikwik, which currently has a only one office in Gurugram, has earmarked Rs 50 crore to open offices across 13 cities in the country, starting with Mumbai. The company is also looking to hire another 1,000 people.
Post demonetisation, we have observed unprecedented growth and our expansion plans are in line with our vision to achieve Rs 1,000 crore gross merchandise value in 2017.Upasana Taku, Co-Founder, MobiKwik
The company will stick to its present business model of charging commission from large merchants and keeping services free for users, Mrinal Sinha, the chief operating officer of MobiKwik told BloombergQuint in an interview.
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