Startup Atlas · BNPL

MobiKwik Listed

One MobiKwik Systems Limited ● Gurugram, Haryana ● Founded 2009 ● mobikwik.com ↗

Bipin Preet Singh · Co-founder & CEO Upasana Taku · Co-founder, Executive Director & CFO

$241.02 MnTotal funding (tracked)

10Funding rounds

18 Dec 2024Last round

MobiKwik: Business Model Canvas

The nine-block Business Model Canvas, filled in only where a public source states it — empty blocks mean we haven't found a citable fact yet, not that the answer is zero.

Value Propositions

Wallet-linked UPI payments

Pocket UPI, where UPI payments could be debited from one's digital wallet, without bank links

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Buy Now Pay Later (Zip)

MobiKwik offers a buy-now-pay-later service called Zip through partnerships with Lendbox and Cashfree

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Merchant payment gateway (Zaakpay)

Zaakpay subsidiary operates as a payment aggregator handling merchant collections and B2B payments

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Customer Segments

Retail wallet users180.2 Mn users

180.2 million mobile wallet users as of June 2025

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Merchants4.64 Mn merchants

4.64 million merchants on the platform

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New-to-credit consumers

First Card, which the fintech launched in August 2024, targets new-to-credit users with no credit score

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Customer Relationships

No cited public information yet.

Channels

Mobile wallet app

MobiKwik started as a payment wallet and continues to use its wallet offering as the primary distribution channel to acquire customers and merchants

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Key Activities

No cited public information yet.

Key Resources

No cited public information yet.

Key Partnerships

Lendbox

MobiKwik offers a buy-now-pay-later service called Zip through partnerships with Lendbox and Cashfree, plus a peer-to-peer lending platform called Xtra with Lendbox

source

Cashfree

MobiKwik offers a buy-now-pay-later service called Zip through partnerships with Lendbox and Cashfree

source

Bajaj Finance

The partnership enabled MobiKwik to launch India's first debit and credit wallet, through which Bajaj Finance would extend credit facilities via MobiKwik's mobile app

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Revenue Streams

Payments revenue (merchant fees/MDR)

Payments revenue rose 24% over the last year, making up 76% to the company's overall income

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BNPL / Zip revenue

Revenue drivers are mainly MDRs, late fees and one time activation fees

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Payment gateway (Zaakpay) fees

MobiKwik charges merchants for services like QR codes, POS integrations, and payment gateways via Zaakpay

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Cost Structure

Payment gateway chargesLargest FY23 expense line

Payment gateway charges, the biggest contributor to total expenses, plunged 31% to INR 156.6 Cr from INR 227.6 Cr in the previous fiscal year

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Employee benefit expenses

Employee benefit expenses, another big contributor to total expenses, fell 8.4% to INR 98.2 Cr in FY23 from INR 107.2 Cr in FY22

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FAQs on MobiKwik

What is MobiKwik's business model?

MobiKwik's core value proposition centers on Wallet-linked UPI payments, Buy Now Pay Later (Zip), Merchant payment gateway (Zaakpay).

How does MobiKwik make money?

MobiKwik's cited revenue streams include Payments revenue (merchant fees/MDR), BNPL / Zip revenue, Payment gateway (Zaakpay) fees.

Sources & corrections. Every fact on this page is compiled from cited public sources — follow the “source” links beside each entry. Profile sources: en.wikipedia.org · Last verified 15 Jul 2026. · Report a correction