Mumbai-based LivQuik, which manages mobile payments for retail and F&B sector, has raised $1.6 Mn in a round of funding from existing investors Snow Leopard Ventures. The funds raised in this round will be used for team expansion and increasing merchant base.
Co-founded by Mohit Lalvani, Yudhajit Nag Sen, Vinay Pinto and Suma Bhattacharya in 2012, LivQuik is a payments technology venture behind QuikWallet, an app for offline payments that enables customers to pay at retail outlets and restaurants with their smartphones.
On this development, Mohit Lalvani, Co-founder & CEO, LivQuik, said “The line between online and offline is blurring with offline merchants wanting to sell online and vice-versa. On the other hand, banks need to compete with mobile wallets and have to provide a similar solution for their customers. We have now expanded our offering to own the customer whether they transact online or offline, where we work with banks as issuers on our platform.”
With a Gross Transaction Value (GTV) of INR 50 Lakhs per month, the venture has close to 1000 merchants in different categories such as small neighborhood stores, florists, education institutions and even car service centers. It’s payment options include SMS, NFC, QR codes, mobile applications, and POS software integrated approach to help collect payments both offline and online.
“Posing constraints in a cost-conscious market like India, our vision is to bring down the barrier for a merchant to accept payments using just an SMS & NFC tags with no data connectivity or hardware terminals required,” said Mohit.
As per a report from financial advisory firm Motilal Oswal, it is estimated that mobile wallet usage has grown 200% this year, and could go on from 3 Cr. to 15 Cr. by the end of 2019. Few others in the F&B space are Delhi-based Ruplee and Bangalore-based Momoe.
Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.
