Mobile wallet company MobiKwik that has recently entered the bus booking industry has announced partial payment for ticket reservations.
With a target of 25,000 daily bus bookings by December 2016, the company has also announced cash pick up for bus bookings with an aim to simplify user’s journey.
Upasana Taku, co-founder, MobiKwik said: “We are currently doing 4000 daily bus bookings and have already seen the service grow hundred percent in the past one month. This tremendous growth has encouraged us to look at bus booking as a separate revenue stream. With this focus, we have launched partial payment booking and cash pick up for bus tickets. Today, we have the most lucrative offering in the bus booking industry that will help us claim a significant market share by the end of this year.”
Started in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik, has partnered with over 50,000 businesses like Café Coffee Day, PVR, Domino’s Pizza, Pizza Hut, TastyKhana, JustEat, eBay, Jabong, Snapdeal, ShopClues, HomeShop18 among others.
According to an official statement, the overall bus booking segment is valued at $2.9 Bn (INR 20,000 Cr) in India and online transactions contribute nearly 15% to this segment. Private bus travel market is estimated at $2.5 Bn (INR 17,000 Cr) and is expected to grow by 40% by 2018.
In April last year, the company had raised $25 Mn in Series B funding led by Tree Line Asia, existing investor Sequoia Capital along with Cisco Investments and American Express. Later on, in December 2015, it raised additional funding of $6.5 Mn. In January 2016, MobiKwik opened power wallet API to all retailers.
The company had earlier raised an undisclosed amount of funding led by Japan’s GMO Payment Gateway and Taiwanese fabless semiconductor company MediaTek. Recently, MobiKwik has also partnered with Indian Railway Catering and Tourism Corporation (IRCTC). As a part of the exclusive partnership, MobiKwik will power e-cash payments on IRCTC’s e-catering app, Food on Track.
The bus booking service is available across India on its app and website.