Digital payments firm MobiKwik has launched a digital enterprise solutions suite which it says will simplify corporate processes such as employee rewards and reimbursements and save time and costs.
The wallet services provider said in a statement that its software-as-a-service (SaaS)-based institutional platform, Magic, aims to do away with challenges faced by both employers and employees with regard to benefits and reimbursements.
“We aim to eliminate the estimated processing cost of Rs 6 crore for organisations, and benefit over 5 million users by 2020,” said Bipin Preet Singh, co-founder and chief executive officer of MobiKwik.
According to MobiKwik, the employee benefit and reimbursements industry in India is pegged at Rs 51,600 crore. The Gurgaon-headquartered company is targeting revenue of Rs 8,400 crore by 2020.
“We identified a problem in the system – the unwieldy process of paper- based corporate processes,” said Bikram Singh, business head and senior director at MobiKwik.
Magic includes employee benefits such as reimbursements for food, fuel, medical leave, travel allowance etc. These and other company benefits will be accessible to both corporations and employees on the MobiKwik app.
MobiKwik says it has already partnered with a few leading corporates for its new platform, which it claims can be used across a network of 30 lakh merchants.
More than 50 million people use MobiKwik’s digital wallet, with more than 15 lakh merchants on board. It competes with the likes of Paytm and FreeCharge in the payments space.
MobiKwik, which is operated by One MobiKwik Systems Pvt. Ltd, has raised about $115 million so far from Sequoia Capital, Net1, Tree Line Asia, Cisco Investments, American Express and MediaTek.
The company saw its valuation shrink to $279 million last month as Bajaj Finance increased its stake in the company.
In a related development in the corporate processes space, Gurgaon-headquartered employee rewards and recognition platform Advantage Club last month raised $300,000 (Rs 1.9 crore) in a fresh round of funding led by accelerator and seed fund Axilor Ventures.