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New Delhi, Unicorn Fintech firm <keyword id="143842" type="General" weightage="20" keywordseo="MobiKwik" source="Orion">MobiKwik</keyword> on Tuesday reported its first ever consolidated profit at Rs 3 crore in the first quarter ended June 30, a senior company official said. MobiKwik Co-Founder and COO Upasana Taku told PTI that MobiKwik has become the first fintech firm to post consolidated profit and expects to maintain the momentum throughout the year. "We have registered an adjusted Earnings before interest, taxes, depreciation, and amortization (EBITDA) of Rs 13.6 crore which is 181 per cent increase on a year-on-year basis. "This is the second consecutive quarter when we have posted positive EBITDA and the first quarter when we have posted consolidated profit after tax of Rs 3 crore. We expect to continue the growth momentum and achieve full-year profitability," Taku said. Taku said that she expects other startups also to turn profitable as it will give a boost to the investment environment in the country and sentiments of investors. She said that MobiKwik has been growing consistently without cash burn and margins have been improving quarter over quarter. "Our revenues grew to Rs 177 crores in the quarter, which is 68 per cent higher compared to corresponding quarter last fiscal and contribution margin rose by 108 per cent to Rs 73.9 crore," Taku said. In the March 2023 quarter, MobiKwik had posted revenue of Rs 160 crore and recorded an adjusted EBITDA of Rs 3 crore. "In FY 2022-23, we achieved all the major goals we set for MobiKwik the previous year. First quarter has been a good start to the fiscal year. Our numbers are positive in all parameters, be it adjusted EBITDA, EBITDA or PBT (profit before tax). We expect to deliver over 80 per cent topline growth for this fiscal year," Taku said. Peak XV backed MobiKwik ended the financial year 2022-23 with Rs 560 crore in revenue and became profitable from the fourth quarter of the financial year 2022-23, and its contribution margin rose to Rs 169.5 crore as compared to Rs 42 crores in FY 2021-22, nearly 304 per cent Y-o-Y growth. She said that the company gets about half of the business from payments services which is mainly payment made from wallet service and the rest of the half from distribution of financial services comprising buy-now-pay-later, consumer loans etc. The company at present has over 14 crore registered user base and around 40 lakh merchant partners.

MobiKwik posts first ever consolidated profit in Jun quarter 2023-24

<ul><li><keyword id="6358577" type="UNKNOWN" weightage="20" keywordseo="digital-payments">Digital payments</keyword> platform <keyword id="143842" type="COMPANY" weightage="20" keywordseo="Mobikwik">MobiKwik</keyword> has partnered with DT One to enable <keyword id="7772478" type="UNKNOWN" weightage="20" keywordseo="international-mobile-recharge">international mobile recharge</keyword>. </li><li>The feature will be available across 150 countries. </li><li>MobiKwik has over 107 million users in India.</li></ul>Indian digital payments platform MobiKwik partnered with DT One, a global B2B network for <keyword id="502942" type="PERSON" weightage="20" keywordseo="mobile-recharge">mobile recharge</keyword>. Its users will now be able to recharge their phones in 150 countries. The international recharge feature is live in countries in the Middle East, Asia Pacific, Europe, Africa, United States, Latin America and Carribean; across over 550 operators. “This new feature will enable millions - immigrants in India from across the globe, students studying abroad and even frequent travellers - the power of connectivity at their fingertips. This launch is in line with our growth and expansion plans in the domestic as well as international markets and making most of the services available on a single platform,” said Upasana Taku, Co-founder, MobiKwik. MobiKwik’s competitor in India, <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> had already entered two international markets – Canada and Japan. In an earlier interview with Business Insider, Paytm founder Vijay Shekhar Sharma had said that it was also looking to enter the <a href="https://www.businessinsider.in/facing-jio-paytm-founder-vijay-shekhar-sharma-plans-a-ticket-to-us/articleshow/69053166.cms">US</a>. Meanwhile, the focus of MobiKwik’s new feature is to make the lives of immigrants simpler. “Nearly 5.2 million immigrants live in India, making it the twelfth-largest immigrant population in the world,” said data from the Pew Research Center. With MobiKwik’s new feature, they can now recharge for friends and family across the border while living in India. This feature will come to the aid of Indian students studying abroad. In 2018, as many as 752,725 of them study across 90 countries including the US, Australia, Canada, UK, UAE. MobiKwik has over 107 million users, along with 7,000 Indian businesses on board. In March 2019, it had announced that it has clocked an industry best success rate of over 93% for digital transactions. See Also: <a href="https://www.businessinsider.in/paytm-clocks-50-billion-through-5-5-billion-transactions/articleshow/69670592.cms">Paytm’s year in a review – Billions, profits and frauds</a>

MobiKwik marks its global foray, enables international recharge in 150 countries

Two of India’s biggest <a href="http://www.businessinsider.in/searchresult.cms?query=mobile+wallet&amp;sortorder=effectivedate">mobile wallet</a> companies have been throwing punches against each other on their respective blogs. It was <a href="http://www.businessinsider.in/searchresult.cms?query=MobiKwik&amp;sortorder=effectivedate">MobiKwik</a> vs. <a href="http://www.businessinsider.in/searchresult.cms?query=Snapdeal&amp;sortorder=effectivedate">Snapdeal</a>-owned <a href="http://www.businessinsider.in/searchresult.cms?query=FreeCharge&amp;sortorder=effectivedate">FreeCharge</a> last Wednesday. 
 
It all started when <a href="http://www.businessinsider.in/searchresult.cms?query=MobiKwik&amp;sortorder=effectivedate">MobiKwik</a> raised a stinker with the latest Nielsen Informate Mobile Insights Report concerning <a href="http://www.businessinsider.in/searchresult.cms?query=mobile+wallet&amp;sortorder=effectivedate">mobile wallets</a> in India. The report places <a href="http://www.businessinsider.in/searchresult.cms?query=Paytm&amp;sortorder=effectivedate">Paytm</a> as the most popular wallet in India, followed by <a href="http://www.businessinsider.in/searchresult.cms?query=FreeCharge&amp;sortorder=effectivedate">FreeCharge</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=MobiKwik&amp;sortorder=effectivedate">MobiKwik</a>. 
 
In a blog post titled ‘<a href="https://blog.mobikwik.com/index.php/the-truth-behind-nielsen-mobile-insights/">the truth behind Nielsen Mobile Insights</a>’, Akash Gupta, the GM Marketing at <a href="http://www.businessinsider.in/searchresult.cms?query=MobiKwik&amp;sortorder=effectivedate">MobiKwik</a> expressed his wrath against research firm Nielson, and how ‘they mock the ecosystem.’ 
 “We reached out to Nielsen to seek clarification. They said it was meant for internal use, but <keyword id="6377963" type="UNKNOWN" weightage="60" keywordseo="Freecharge">FreeCharge</keyword> and <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword> were touting it for press and to aid their pending fund-raise”, <a href="http://www.businessinsider.in/searchresult.cms?query=MobiKwik&amp;sortorder=effectivedate">MobiKwik</a> co-founder <a href="http://www.businessinsider.in/searchresult.cms?query=Upasana+Taku&amp;sortorder=effectivedate">Upasana Taku</a> told Business Insider. 
 
“It really pisses you off if somebody has actually not done the work but go around telling the world they are number #2. They also used it heavily in China where they are trying to raise funds from”, Taku added. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=MobiKwik&amp;sortorder=effectivedate">MobiKwik</a> also posted screenshots of e-mails from Nielsen. 
 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=FreeCharge&amp;sortorder=effectivedate">FreeCharge</a> shot back with a stinging post, titled ‘<a href="https://blog.freecharge.in/2016/06/15/dont-shoot-the-messenger-when-the-message-stings/">Don’t shoot the messenger when the message stings!</a>’ 
 
<keyword id="143842" type="UNKNOWN" weightage="40" keywordseo="Mobikwik">MobiKwik</keyword>’s Allegations: 
· It was a paid research 
· ‘How can a SAMPLE SIZE OF 6000 be even statistically relevant!’ · A <keyword id="490792" type="UNKNOWN" weightage="80" keywordseo="Mobile-wallet">mobile wallet</keyword> is not just a recharge app 
 
FreeCharge’s Defense: 
· It was a syndicated report 
· ‘very robust sample size by any standard’ 
· FreeCharge Wallet app officially launched in September 
 
In a very short time, the size of India’s mobile wallet market has grown significantly. According to a study by research firm RNCOS, the Indian market size for mobile wallet is estimated to rise to Rs. 1,210 crores by 2019. 
 
Payments are turning out to be crucial for India’s <a href="http://www.businessinsider.in/searchresult.cms?query=e-commerce&amp;sortorder=effectivedate">e-commerce</a> ecosystem. <keyword id="6354742" type="COMPANY" weightage="60" keywordseo="Flipkart">Flipkart</keyword> is planning to invest Rs 670 crores to build its payments business, while <a href="http://www.businessinsider.in/searchresult.cms?query=Search&amp;sortorder=effectivedate">Paytm</a> is pouring millions into its own. Last year, <a href="http://www.businessinsider.in/searchresult.cms?query=Snapdeal&amp;sortorder=effectivedate">Snapdeal</a> acquired <a href="http://www.businessinsider.in/searchresult.cms?query=FreeCharge&amp;sortorder=effectivedate">FreeCharge</a> for $450 million and has not looked back ever since. 
 
This isn't the first time India's startups have had a verbal spat online. Hopefully, it's the last. 
 
<a href="http://2.bp.blogspot.com/-o6jmPIDBE80/VMM6sM5e_PI/AAAAAAAAhjg/9iRZFIxDBk0/s1600/a.png">Image Source</a>

MobiKwik vs. FreeCharge: another war on blogs

<keyword id="2823188" type="UNKNOWN" weightage="100" keywordseo="One-Mobikwik-Systems">One MobiKwik Systems</keyword>, the owner and operator of <a href="http://www.businessinsider.in/Exclusive-How-MobiKwik-managed-to-stay-on-top-of-the-Digital-Wallet-market-despite-stiff-competition-from-Paytm/articleshow/50201287.cms">MobiKwik</a>, the online recharge and mobile wallet, has managed to raise around $50 million (Rs 332.6 crore) in a new fresh capital round led by Japan's <keyword id="3346730" type="UNKNOWN" weightage="100" keywordseo="GMO-Payment-Gateway">GMO Payment Gateway</keyword> and Taiwanese fabless semiconductor company <keyword id="6369515" type="COMPANY" weightage="100" keywordseo="Mediatek">MediaTek</keyword>. 
 
Also read: <a href="http://www.businessinsider.in/One-wallet-to-pay-for-them-all-MobiKwik-ties-up-with-Zomato-OYORooms/articleshow/49324049.cms">One wallet to pay for them all: MobiKwik ties up with Zomato, OYORooms</a> 
 The Series-C round was closed last month and also had the company's existing investors <keyword id="122716" type="CITY" weightage="100" keywordseo="Sequoia-Capital">Sequoia Capital</keyword> and Asia-focused hedge fund <keyword id="2799728" type="UNKNOWN" weightage="100" keywordseo="Tree-Line-Asia">Tree Line Asia</keyword> participating in it. However, the amount at which the company was valued after getting the funding was not disclosed. 
 
"<a href="http://www.businessinsider.in/After-Snapdeal-Mobikwik-files-patent-for-payment-platform/articleshow/50379128.cms">MobiKwik</a> is excited to have raised an undisclosed amount in the Series-C round of funding led by GMO and MediaTek. GMO is Japan's leading payment gateway and MediaTek is the world's leading semiconductor company," said a mail that the company spokesperson wrote to ET, without commenting on the specifics of the deal. 
 It was in March that <keyword id="143842" type="UNKNOWN" weightage="100" keywordseo="Mobikwik">MobiKwik</keyword>'s CEO <a href="http://www.businessinsider.in/Start-in-India-to-Make-in-India-A-startup-CEOs-message-for-Budget-2016/articleshow/51093247.cms">Bipin Preet Singh</a> had said that the company was looking to raise an amount between ranging from $40 to 50 million. 
 
According to a statement released by GMO Payment Gateway, the company has made the investment through GMO Global Payment Fund, a $15-million fund that is backed by major financial institutions, including, credit card issuers and acquiring banks. The fund targets investment opportunities among payments companies throughout Asia, while putting a strong focus on South East Asia. 
 
<a href="http://i1.wp.com/apptricker.in/wp-content/uploads/2015/12/Mobikwik-Wallet-Offers.jpg">Image source</a>

MobiKwik’s parent raises $50million in funding

New Delhi, Jul 15 () Digital payments company MobiKwik on Wednesday said its net revenue has surged 134 per cent to Rs 379 crore in FY20, and exuded confidence of hitting profitability this fiscal. MobiKwik, which competes against companies like Paytm and Flipkart-owned PhonePe, had clocked a net revenue (primarily income from transactions and income share from financial products) of Rs 162 crore in FY19. "This is the third consecutive year where we have demonstrated higher than 100 per cent growth. Our cash loss has reduced 91 per cent, last year on a revenue of Rs 162 crore, we had lost in cash Rs 98 crore, versus this year's revenue of Rs 379 crore, we have lost only Rs 9 crore in cash," MobiKwik co-founder and COO Upasana Taku told . She added that the actual loss is Rs 45 crore but much of that was paid in stocks, and therefore the cash burnt was Rs 9 crore. Taku said the company is focussing on a profitable growth strategy and has executed on it in the right manner that has helped drive 159 per cent rise in consumer payments (wallet) net revenue to Rs 230 crore and a 216 per cent jump in fintech net revenue to Rs 91 crore. She explained that MobiKwik's wallets business - which has 120 million users - had recorded net revenue of Rs 89 crore in the previous fiscal. User incentives in FY20 grew only 30 per cent, indicating that cost of acquiring and retaining users was low and the company is generating higher spends per user, she added. MobiKwik's merchant-facing payment gateway business (via its subsidiary Zaakpay) registered net revenue of Rs 190 crore in FY20, compared to Rs 101 crore in FY19 on a standalone basis. MobiKwik, which has about 325 employees, operates in three segments -- consumer payments, fintech (includes credit, mutual funds, etc), and payment gateway. In FY20, consumer payments accounted for 63 per cent of the net revenue, followed by fintech (25 per cent) and payment gateway (13 per cent). "March 2020 was a stellar month for us, our lifetime best month and we clocked a revenue of Rs 38 crore but we lost only Rs 8 lakh. So, we were set on an amazing peak and had COVID not happened, we would have already done the same or higher run rate," she said. MobiKwik expects recovery across segments by early September and is confident of showing growth and hitting profits in FY21, Taku noted. Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik has raised over USD 100 million in funding from investors like Sequoia Capital, Bajaj Finance, American Express and Net1. "We are the only independent, large digital payments platform in India that is neither owned nor controlled by a large foreign company...teams (founders and employees own 45 per cent stake. It is a big achievement just to compete in this hyper-competitive market against players with deep pockets," Taku said. She emphasised that MobiKwik is focussed on building out the company and delivering value to shareholders. "On the back of Rs 26 crores raised in early 2019, we have delivered Rs 203 crore in incremental net revenue in FY2020, which is a capital efficiency of 8x," Taku said. SR BAL BAL BAL

MobiKwik net revenue more than doubles to Rs 379 cr in FY20; eyes profits this fiscal

Digital payment company <keyword id="143842" type="UNKNOWN" weightage="20" keywordseo="Mobikwik">MobiKwik</keyword> today said its customers will be able to pay <keyword id="89728" type="UNKNOWN" weightage="20" keywordseo="Toll-tax">toll tax</keyword> at 391 toll plazas using the mobile wallet. 
 After receiving the approval from National Highways Authority of India (<keyword id="49448" type="ORGANIZATION" weightage="20" keywordseo="nhai">NHAI</keyword>), Mobikwik's wallet service will soon be live at 391 toll plazas in India, it said in a statement. 
 
The company has received an approval from NHAI to enable commuters across all toll plazas in the country pay cashless through its mobile wallet to avoid traffic congestion due to cash crunch, it added. 
 
"Commuters across the country can soon pay cashless at all toll plazas using their MobiKwik wallet. We have taken this step in the wake of demonetisation to avoid congestion at highways, owing to the ill effects of cash crunch," MobiKwik co-founder Bipin Preet Singh said. 
 
Post scrapping of old Rs 500 and Rs 1,000 notes on November 8, NHAI has announced no charge at all toll plazas till December 2, 2016. 
 
However, the scarcity of physical cash is expected to impact the smooth traffic at tolls after this date, given that masses are still struggling to get cash. 
 
To solve this issue, MobiKwik has been roped in to digitise toll plazas in India, the company said. 
 
At the toll plazas, users will have to open the MobiKwik app on their phone and scan the QR code on the toll plaza. After entering the amount communicated by the toll operator and the vehicle number, they can press 'pay' to complete the transaction. 
 MobiKwik has about 40 million users and is accepted at 2.5 lakh merchants, including IRCTC, <keyword id="6357823" type="COMPANY" weightage="20" keywordseo="Big-Bazaar">Big Bazaar</keyword>, OYO Rooms, Zomato, Grofers and Big Basket. 
 Founded in 2009, its investors include <keyword id="270604" type="ENTERTAINMENT" weightage="20" keywordseo="Sequoia">Sequoia</keyword> Capital, American Express, Tree Line Asia, MediaTek, Net1, GMO Payment Gateway and Cisco Investments.

You will soon be able to pay toll tax using Mobikwik Wallet

<keyword id="143842" type="UNKNOWN" weightage="20" keywordseo="Mobikwik">Mobikwik</keyword> just launched a new version of its Andriod app-'<keyword id="3896202" type="UNKNOWN" weightage="20" keywordseo="Mobikwik-Lite">MobiKwik Lite</keyword>'. This 1 mb app will be downloaded on mobile phones in 30 seconds and enables you to use MobiKwik in most online and offline merchants, even on a basic Edge connection. 
 
This app can be downloaded by giving a missed call on 8097180971. You will receive a link on your phone which you can click on to download the app. 
 
This app is available in English and Hindi. More languages will be launched by the end of this week. The app enables you to pay or receive MobiKwik cash seamlessly, using a QR code or an SMS. 
 
According to the company, other features of the app are: 
 
1) Single step OTP Login 
2) Compatible with Andriod v2.3 &amp; above 
3) Supports receiving payment, bank payments/transfer/P2P transfer, bill payments and recharges 
4) Does not require high speed data. Even works on edge.

MobiKwik launches a 'lite' app for seamless transactions, even on basic connection

It’s that month of year. <keyword id="6358921" type="COMPANY" weightage="60" keywordseo="UPI">UPI</keyword> (<a href="http://www.businessinsider.in/searchresult.cms?query=Unified+Payments+Interface&amp;sortorder=effectivedate">Unified Payments Interface</a>) is in the air. The media’s going gaga about the Next Big Thing in India’s payments space. It’s supposed to go live by the end of this month with 15 participating banks. Mobile-wallet company <a href="http://www.businessinsider.in/searchresult.cms?query=MobiKwik&amp;sortorder=effectivedate">MobiKwik</a>’s co-founder <a href="http://www.businessinsider.in/searchresult.cms?query=Upasana+Taku&amp;sortorder=effectivedate">Upasana Taku</a> thinks it’s a bit over-hyped. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Upasana+Taku&amp;sortorder=effectivedate">Taku</a>’s <a href="http://www.businessinsider.in/searchresult.cms?query=MobiKwik&amp;sortorder=effectivedate">MobiKwik</a> is planning to roll out its UPI support by the end of the month. “UPI can make payments happen faster. It’s a great concept, but it’s won’t change anything overnight. In order for it to have any material value, people need to adopt it. Execution is the challenge here”, she observes. 
 
Taku is clear <a href="http://www.businessinsider.in/searchresult.cms?query=MobiKwik&amp;sortorder=effectivedate">MobiKwik</a> won’t see a major up-shift because of it's UPI support. “In the first few months, traction will be zero. In a year it can contribute to less than 5%. It might have significant impact only after 2-3 years”, she adds. 
 UPI was launched in April by the National Payments Corporation of India (NPCI). It offers instant, online bank payments, and is seen as a major change to the Indian <keyword id="34510" type="UNKNOWN" weightage="40" keywordseo="financial-sector">financial sector</keyword>. It would allow transactions to take place through a single virtual ID or mobile number authorized by banks, and the Bharat Banking Payment Systems, a utility bill service. 
 
So far, only 2 banks have gone live with it, namely <a href="http://www.businessinsider.in/searchresult.cms?query=Axis+Bank&amp;sortorder=effectivedate">Axis Bank</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=Yes+Bank&amp;sortorder=effectivedate">Yes Bank</a>. <keyword id="143842" type="UNKNOWN" weightage="60" keywordseo="Mobikwik">MobiKwik</keyword> competitor Snapdeal’s FreeCharge has partnered with <keyword id="6355975" type="CITY" weightage="60" keywordseo="Axis-Bank">Axis Bank</keyword> to allow its users to make payments through UPI. 
 
“Banks wanted UPI from an image management perspective. It makes them look good. But to do actual work around it, I don’t know. Few have a cost structure that can reach users earning less than Rs. 40k a month”, Taku fumes. 
 
<a href="http://www.oneten.com.au/wp-content/uploads/2016/01/6V12NODFVM.jpg">Image Source</a>

Exclusive: MobiKwik co-founder Upasana Taku says India's biggest payment revolution may fizzle out before it begins

Consumers are trying out new methods of payments, especially <a href="http://www.businessinsider.in/searchresult.cms?query=digital+wallets">digital wallets</a>. This trend saw transactions by <keyword id="6358031" type="UNKNOWN" weightage="100" keywordseo="digital-wallets">digital wallets</keyword> grow three times between February and April. 
 
A <a href="http://www.businessinsider.in/searchresult.cms?query=RTI">Right to Information</a> application filed with <a href="http://www.businessinsider.in/searchresult.cms?query=RBI">Reserve Bank of India</a> (RBI) revealed that around 6.7 crore transactions worth Rs 1,196 crore were recorded through digital wallets in April compared with 2.4 crore payments totalling Rs 876 crore in February. 
 
The total number of digital wallets as of April 2015 is 101.86 million. Through digital wallets, people can pay through mobilephones. 
 
Economic Times reported that <a href="http://www.businessinsider.in/searchresult.cms?query=Paytm">Paytm</a> spent around Rs 100 crore on advertising its e-wallet services during February-April. 
 "February was the time when the cricket world cup took place and we first started advertising on television. As a result, we attracted new users. While existing users have become comfortable in making high-value transactions, new users are still experimenting with the product,” Amit Lakhotiya, vice-president at <keyword id="6357120" type="UNKNOWN" weightage="100" keywordseo="PayTM">Paytm</keyword>, told ET. 
 Meanwhile, investors are attracted to the growth of digital wallets and in past few months, Paytm raised $375 million and <keyword id="143842" type="UNKNOWN" weightage="100" keywordseo="Mobikwik">MobiKwik</keyword> got $25 million. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=electronic+payment">E-wallet</a> companies MobiKwik and <keyword id="1493568" type="UNKNOWN" weightage="100" keywordseo="PayU">PayU</keyword> told the financial daily that they plan to spend over Rs 100 crore and Rs 60 crore, respectively, on advertising over the next few months to boost digital transactions. 
 
"If we created a wallet for every mobile number that ever used our platform, then MobiKwik would have 100-120 million wallets today," Bipin Preet Singh, founder and CEO of MobiKwik, told ET. 
 
(Image: Thinkstock)

Digital wallets becoming popular among consumers, reveals RTI

2015 was a landmark year for <keyword id="6362513" type="ORGANIZATION" weightage="100" keywordseo="Startups">startups</keyword> in India. The world stood up and took notice of the amazing startup ecosystem here with investments for over<a href="http://yourstory.com/2015/12/indian-startups-raise-9billion-2015/"> 1000 startups valued at $9 billion</a>.The spotlight was on how startups would be the pillars of India's economy and give a much needed impetus to India's growth by providing employment to millions. 

	<o:p> And, with <keyword id="2783177" type="UNKNOWN" weightage="100" keywordseo="Budget-2016">Budget 2016</keyword>, being just a few days away, we thought it'd be interesting to</o:p> talk about the highlights one by one: 
	 
	 

	<o:p> </o:p>

	<keyword id="3003094" type="UNKNOWN" weightage="100" keywordseo="Startup-India">Startup India</keyword>: As I watched the entire startup community descend at Vigyan Bhawan to flag off the Startup India initiative, it was heartening to see the government recognise entrepreneurs as a driving force of modern change. Many new taxation and regulatory changes were promised and we eagerly wait to see how well they are implemented. TRAI's recent ruling on Free Basics is one of the first steps to ensure that any startup can leverage a free and open Internet to disrupt the status quo. Government needs to increase their focus on connecting millions through an open Internet and nip in the bud restrictive practices introduced by corporates only then would an initiative like Startup India be successful. Internet can give a voice to the unheard and to the new, and I hope government supports the startup ecosystem by aggressively ensuring that an unrestricted Internet is within everyone's reach. 
	 
	 

	<o:p> </o:p>

	<keyword id="6354869" type="UNKNOWN" weightage="100" keywordseo="make-in-India">Make in India</keyword>: I was blown away by the fact that the government had attracted investments worth $222 billion towards the Make In India initiative. Strengthening manufacturing is one of the core priorities and given India’s growing potential to be one of the top economic powerhouses in the world, I have no doubt that we can definitely achieve this. Focusing on quality STEM (Science, Technology, Engineering, and Medicine) education and supplementing blue collar workers with modern manufacturing skills is the 1st step towards this. In order to achieve economies of scale, automation is a crucial step and we need to note how it impacts millions of jobs.

	<o:p> </o:p> 
	 
	Where Startup India will meet Make In India: "Coding is the new ABC" and must be taught in schools and colleges. Make In India will only be successful if we view technology as a tool for massive, positive societal change. Think about it-Google disrupted libraries, Amazon disrupted shopping malls, Uber disrupted public transportation, and<a href="http://www.businessinsider.in/searchresult.cms?query=mobikwik"> MobiKwik</a> is disrupting cash. In order to see startups make in india the government needs to encourage more hardware startups by the means of doing away with certain import duties.

	If India is to give birth to many Silicon Valleys and encourage indigenous manufacturing then we need to start thinking on the lines of 3D Printing, Robotics, Artificial Intelligence and the like. It will propel us towards living up the ‘Make in India’ vision. 
	 
	 

	<o:p> </o:p>

	On the Wallet Sector: Internally at <keyword id="143842" type="UNKNOWN" weightage="100" keywordseo="Mobikwik">MobiKwik</keyword> we have a saying that "MobiKwik exists so that cash does not". According to a recent report until 2015 over 200 million still remain unbanked in India and <a href="http://www.livemint.com/Industry/v4zrym0BCjNvXg3qcUD30K/Indias-unbanked-population-halves-to-233-million.html">even the remaining don’t have 100% access to all the banking services</a>. The propagation and rapid adoption of mobile wallets is a step in addressing this gap. Government needs to start right at the grassroots-level and allow tax rebates to retailers in order to increase wallet usage. <a href="http://indianexpress.com/article/technology/tech-news-technology/indias-e-commerce-revenue-may-touch-38-bn-in-2016-assocham/">Cash-on-delivery still accounts for over 45 percent of e-commerce orders</a> since people are apprehensive or don’t have means to make online payments. Government needs to relax its banking norms so that mobile wallet companies can function better than banks and offer financially inclusive services to millions more. 
	 (This article is authored by <keyword id="1132860" type="UNKNOWN" weightage="100" keywordseo="Bipin-Preet-Singh">Bipin Preet Singh</keyword>, CEO of MobiKwik)

	<o:p> </o:p>

Start in India to 'Make in India': A startup CEO's plea for Budget 2016

The <a href="http://www.businessinsider.in/searchresult.cms?query=RBI&amp;sortorder=effectivedate">Reserve Bank of India </a>(RBI) has some good news for <keyword id="6358031" type="UNKNOWN" weightage="20" keywordseo="digital-wallets">digital wallets</keyword>. In the backdrop of rising popularity of <a href="http://www.businessinsider.in/searchresult.cms?query=UPI&amp;sortorder=effectivedate">Unified Payment Interface</a> (<keyword id="6358921" type="COMPANY" weightage="20" keywordseo="UPI">UPI</keyword>), or payment through digital wallets, the RBI has decided to make digital wallets inter-operable. 
 
At present, digital wallets such as <a href="http://www.businessinsider.in/searchresult.cms?query=paytm&amp;sortorder=effectivedate">Paytm</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=Mobikwik&amp;sortorder=effectivedate">MobiKwik</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=PhonePe&amp;sortorder=effectivedate">PhonePe</a>, etc can access the UPI network through partner banks to facilitate bank-to-bank money transfers. 
 Once the RBI gives a nod to inter-operation of digital wallets, you will be able to send money directly to <keyword id="6357120" type="UNKNOWN" weightage="100" keywordseo="PayTM">Paytm</keyword> from your FreeCharge wallet and vice-versa. 
 
“RBI is expected to issue guidelines shortly on interoperability and 'know your customer' (KYC) norms for digital wallet companies. RBI will also decide on the interchange fees between the wallets for them to be able to access the UPI framework,” ET quoted two people as saying. 
 
Online money transfer and payments are gaining popularity in India and the Indian Government is also pushing for Aadhaar-based payment platform and another instrument for transactions using QR codes. 
 Bipin Preet Singh, chief executive of <keyword id="143842" type="UNKNOWN" weightage="100" keywordseo="Mobikwik">MobiKwik</keyword>, told ET, “The company is keen to partner with other financial networks to develop a collaborative financial services platform." 
 
"We are hearing that the process (of opening up UPI for digital wallets) is likely to be fast-tracked. Since the (prepaid payment instruments, or digital wallets) are also issued licences by RBI, the logical step is to open the UPI infrastructure to them and make it more inclusive," Ritesh Pai, country head for digital banking at Yes Bank, which has partnered with Flipkart-owned payments venture PhonePe, told ET. 
 
As per the RBI data, UPI network registered about 4.2 million transactions worth Rs 1,900 crore in February.

Soon, you’ll be able to pay on MobiKwik via Paytm wallet and vice-versa. Here’s how

<ul><li>The <keyword id="158137" type="COMPANY" weightage="20" keywordseo="Domino">Domino</keyword>’s India data breach allegedly includes data of 1 million credit cards and 180 million orders. </li><li>According to security researchers, the reseller is demanding 10 Bitcoin – approximately $5,70,000 – for the 13TB database. </li><li>The database contains mobile numbers, name, home address and more. </li></ul>Domino’s India, the popular American multinational pizza restaurant chain, is allegedly the latest victim of a data breach. The Domino’s data breach has exposed 1 million credit card details along with 180 million order details. According to <a href="https://twitter.com/UnderTheBreach/status/1383673094963822597">Alon Gal</a>, security researcher and Chief Technology Officer of cybersecurity firm Hudson Rock, the reseller is demanding 10 Bitcoin, which is approximately $570,000 for the complete database, which is 13TB in size. <div type="twitter" handle="UnderTheBreach" handlename="Alon Gal (Under the Breach)" image="http://pbs.twimg.com/profile_images/1364107350748053512/VFKQXcPJ_normal.jpg" favoritecount="271" retweetcount="154" status="Threat actor claiming to have hacked Domino's India (@dominos) and stealing 13TB worth of data.Information includ… https://t.co/ayn9de8hgf" createdat="1618728347000" id="1383673094963822597"></div> Additionally, Gal also says that the hacker has plans to build a search portal similar to the MobiKwik one, allowing anyone to enter a search string to confirm the existence of those details. The database includes details like mobile numbers, names, home addresses, payment type and social login tokens. Rajashekhar Rajaharia, another security researcher, also <a href="https://twitter.com/rajaharia/status/1384079086927052801">confirmed</a> the breach, along with a data tree that reveals all the details that have been accessed by the hackers. Apart from the data of Domino’s India’s users and orders, the hacker also got access to data of 250 employees of the company across different departments like IT, Legal, Finance among others. Rajaharia has confirmed to Business Insider that this is the same hacker who breached MobiKwik earlier last month. He says that the hacker sold the database to a reseller who has now posted the details on the dark web. Domino’s India data breach exacerbates security concerns plaguing Indian companies Domino’s India won’t be the last Indian company to be hacked, but it highlights the endless stream of Indian companies facing security concerns. Earlier last month, MobiKwik was reportedly hacked, exposing data of 3.5 million users. While the company <a href="https://www.businessinsider.in/business/startups/news/mobikwik-ceo-orders-a-forensic-audit-after-denying-any-data-leak-from-its-digital-wallet/articleshow/81759461.cms">denied it</a>, it ordered a forensic audit post-fact. Prior to it, Juspay, BigBasket, Unacademy and others were also breached. India’s unicorn startups, <a href="https://www.businessinsider.in/defense/news/the-chinese-cyber-threat-is-real-and-indias-best-defence-right-now-is-to-keep-its-outage-time-limited/articleshow/81981886.cms">power sector</a> and others like Jio are amongst the prime targets for Chinese hackers. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/over-100-million-debit-and-credit-card-users-data-has-been-leaked-online-from-payments-processor-juspay-amazon-and-swiggy/articleshow/80096472.cms">The company that processes payments for Amazon and Swiggy has reported a data leak of over 100 million debit and credit cardholders</a> <a href="https://www.businessinsider.in/defense/news/the-chinese-cyber-threat-is-real-and-indias-best-defence-right-now-is-to-keep-its-outage-time-limited/articleshow/81981886.cms">The Chinese cyber threat is real — and India’s best defence right now is to keep its outage time limited</a> <a href="https://www.businessinsider.in/tech/news/after-jio-swiggy-paytm-ola-and-byjus-and-other-startups-on-target-of-chinese-hackers/articleshow/77497819.cms">After Jio, India's unicorn startups are the top target for Chinese hackers trying to get their hands on Indian users' data</a>

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