Digital financial services platform MobiKwik has launched its SaaS-based corporate solutions suite, Magic.
Magic aims to reform the employee benefit and reimbursements by simplifying the process, saving time and resource costs. It plans to bring end-to-end solutions of corporate processes, rewards, and reimbursements.
Bipin Preet Singh, Co-founder, and CEO, MobiKwik said, “Magic makes the disbursal of employee benefit fast, simple and more efficient than ever. We aim to eliminate the estimated processing cost of $931K (INR 60 Mn) for organisations, and benefit over 5 Mn users by 2020.”
MobiKwik has partnered with a few leading corporates across sectors to digitise their corporate processes.
The solutions suite includes employee benefits such as reimbursements for food, fuel, medical, phone, Leave Travel Allowance (LTA) and other company benefits – all accessible digitally for both corporations and employees on the MobiKwik app.
Magic can be used across MobiKwik’s three million merchant networks and offers instant payment with turn-around-time as less as 24 hours.
The employee benefit and reimbursements industry in India is estimated at $8 Bn (INR 51,600 Cr) and is largely paper-based. However, with the advent of new-age technologies, the companies have now started adopting new solutions to ease off their corporate processes.
In the corporate solutions market, MobiKwik’s Magic majorly challenges Zeta, PeopleStrong among others. Most of these cater to human resources requirements, but Zeta addresses digital employee benefits solutions such as meal vouchers, paperless claims for medical, LTA, fuel, mobile etc.
In January 2016, Zeta also launched a cloud-based smart benefits suite called Optima, while later in 2017, it came up with a fully digital Leave Travel Allowance (LTA) solution.
Another HRTech startup PeopleStrong uses its mobile app and artificial intelligence for recruitment process outsourcing and human capital management.It offers comprehensive solutions based on machine learning from sourcing, matchmaking to offer generation and onboarding.
In the largely unexplored market of corporate solutions, will MobiKwik’s Magic be able to entice corporates will be interesting to watch.