MobiKwik Eyes Higher Share of Wallet in Travel; collaborates with leading Airlines and OTAs

Gurugram (Haryana) [India], April 28 (ANI/NewsVoir): MobiKwik, one of the largest mobile wallets and the largest Buy Now Pay Later (BNPL) FinTech company in India, has announced a collaboration with renowned partners in the travel, tourism and aviation industry for seamless and convenient payment experience for travelers.
Users will be able to book travel via air, train, bus, road and their stay at hotels using MobiKwik wallet in just a few simple steps. In addition, users will be able to leverage the benefits of Buy Now Pay Later (BNPL) service MobiKwik Zip and cashback offers.
MobiKwik has partnered with renowned merchants such as Vistara, SpiceJet, and Indigo in airline, online travel aggregators such as ixigo, MakeMyTrip, Goibibo, EaseMyTrip, Yatra, AbhiBus, Zing Bus and car rental agencies such as Savaari, Drive U, Rapido, Blusmart, and Meru Cabs for a well-rounded experience to its users.
Commenting on the announcement, Chandan Joshi, Co-founder, and CEO, Consumer Payments, MobiKwik said, "Digital wallets have emerged as the preferred mode of payment for online transactions. Consumers today are looking for convenience, speed of execution coupled with value added benefits while making online purchases. At MobiKwik, we understand the consumers' preferences and pain-points in their daily life payments - grocery, shopping, travel, insurance, etc. By collaborating with leading airlines and travel aggregators, we take one step closer on our mission of delivering seamless customer experience and becoming the Digital Bank for 500 million digitally savvy Indians."
He further added, "Our travel segment has witnessed 60% growth as compared to the corresponding period last year, and we expect it to further grow significantly with the help of leading partners."
Speaking on the partnership, Deepak Rajawat, Chief Commercial Officer, Vistara said, "The customer expectations over the years have changed, they now expect quick flight options available on their mobile screens to instantly pay and fly. MobiKwik is making all this possible for the new-age travelers by offering seamless payment options. This is an exciting time for the travel enthusiasts since vacation time is around the horizon, we couldn't be more excited about this collaboration with MobiKwik to offer nothing but the best to the customers."
Echoing similar sentiments, Nitin Gurha, VP Business & Partnerships, ixigo said, "The pandemic has changed payment preferences of consumers, especially for Gen Z and millennial travelers who prefer digital wallets and other fast payment methods while purchasing tickets. Together with our strategic partnership with MobiKwik, we are offering fast and convenient payment options, as well as enticing travel deals and cashback offers to all our existing and new users. Our collaboration will help ixigoers get the best value for their time and money."
Using MobiKwik wallet, the customers who make travel-related reservations for upcoming summer vacations or long weekends will be able to enjoy a range of benefits. They can also earn cashback up to INR 125 on bus bookings, going up to INR 700 for domestic air travel and hotels. The discount and cashback are instantaneous and will allow users to save more and manage their travel budgets efficiently. The cash back offers are valid from 1st April 2022- 30th May 2022.
MobiKwik is one of the largest Mobile Wallet and Buy Now Pay Later (BNPL) Fintech companies in India. Founded in 2009, MobiKwik commenced operations as a Mobile Wallet and has since expanded its product offerings to Buy Now Pay Later, Payment Gateway, Wealthtech & Insurtech. Its tech platform has over 120 million Registered Users, 25.3 million pre-approved BNPL users, and more than 3.4 million merchant partners.
The company launched MobiKwik Zip, its flagship BNPL product in 2019 to provide the fast-growing digitally paying Indians their first credit experience. The company believes that BNPL for daily life payments is the only way to deliver financial freedom to millions of Indians.
ONE MOBIKWIK SYSTEMS LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its Equity Shares and has filed a draft red herring prospectus dated July 12, 2021 ("DRHP") with the Securities and Exchange Board of India ("SEBI") on July 12, 2021. The DRHP shall be available on the website of SEBI at www.sebi.gov.in, websites of the Stock Exchanges i.e. BSE and NSE at www.bseindia.com and www.nseindia.com,respectively, and is available on the websites of the BRLMs i.e. ICICI Securities Limited, BNP Paribas, Credit Suisse Securities (India) Private Limited, IIFL Securities Limited and Jefferies India Private Limited at www.icicisecurities.com, www.bnpparibas.co.in, www.credit-suisse.com/in/en/investment-banking-apac/investment-banking-in-india/ipo.html, www.iiflcap.com and www.jefferies.com, respectively. Bidders should note that investment in equity shares involves a high degree of risk and for details relating to the same, please see the section entitled "Risk Factors" that will be included in the RHP. Potential Bidders should not rely on the DRHP filed with SEBI for making any investment decision.
The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any other applicable law of the United States and, unless so registered, may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws.
Accordingly, the Equity Shares are being offered and sold (a) in the United States only to persons reasonably believed to be "qualified institutional buyers" (as defined in Rule 144A under the U.S. Securities Act) in transactions exempt from the registration requirements of the U.S. Securities Act, and (b) outside the United States in offshore transactions as defined in and in compliance with Regulation S and the applicable laws of the jurisdiction where those offers and sales are made. There will be no public offering in the United States.
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