One Mobikwik Systems Ltd (formerly known One Mobikwik Systems Private Limited) was incorporated in New Delhi on March 20, 2008 as a Private Limited Company. Thereafter, Company was converted into a Public Limited Company and name of the Company was changed to One Mobikwik Systems Limited', vide fresh Certificate of Incorporation dated June 25, 2021 issued by the RoC.
The Company is a fintech company - one of the largest mobile wallets and (MobiKwik Wallet) and Buy Now Pay Later (BNPL) players in India based on mobile wallet GMV and BNPL GMV, respectively. The Company is presently focused on addressing the unmet credit needs of the fast growing online transactors by combining the convenience of everyday mobile payments with the benefits of Buy Now Pay Later (BNPL). It is a technology-first company operating in payments and financial services platform.
The Company commenced operations in 2009 with the MobiKwik Wallet so that users could load money into a mobile wallet and use it to pay their utility bills in a single click. Over the years, mobile wallet use cases have expanded to include, e commerce shopping, food delivery, petrol pumps, large retail chains and pharmacies. The large merchant network includes websites and mobile apps, where the MobiKwik Wallet is a payment option in the checkout as well as physical retail stores, where the MobiKwik Wallet is a QR code payment option at the point-of-sale (POS)/ cashier. Their platform enables peer-to-peer payments via unified payment interface (UPI), MobiKwik Wallet as well as MobiKwik Wallet to bank payments.
The Company introduced MobiKwik mobile application on Google Play Store in 2012. It launched payment gateway, Zaakpay to enhance value proposition to online merchants in 2012. It launched MobiKwik wallet as a payment option for organized retail in 2015.
In 2016, the Company launched MobiKwik wallet as a payment option for un-organized retail stores. It acquired Clearfunds, an online mutual fund platform, in 2018 to offer wealthtech products. Later, in May 2019, it launched MobiKwik Zip, the flagship BNPL product, focusing on the Indian middle-class population helping them to make payments for daily life use cases. As of March 31, 2021, the Company had issued 1,104,364 MobiKwik Blue American Express Cards.
The Company propose an Initial Public Offer of Equity Shares aggregating to Rs 1900 crores, by raising capital Rs 1500 crores through fresh issue and Rs 400 crore through Offer for Sale.