Mumbai-based startup LivQuik, the parent company of mobile payment service QuikWallet, has announced that it has raised $1.6 million in a fresh round of funding from its existing investor Snow Leopard Ventures.
The startup will use the freshly raised funds in scaling the team, technology, and merchant base.
QuikWallet is a mobile wallet service that lets you pay the bill from your cellphone – no cash or card needed. The startup touted as India’s first mobile app for restaurant and retail payments.
Founded in 2012 by Mohit Lalvani and Yudhajit Nag, QuickWallet aims to enable mobile payments for Retail and F&B in India. In its first year the startup launched its services in private beta with some of the coolest hangouts and finest restaurants in Mumbai. Currently, it caters to 1000 merchants ranging from kiranas and florists to educational institutions and car service centers. Payment options include SMS, NFC, QR codes, mobile applications, and POS software. It has around 100,000 users in five metros and is processing around Rs 50 lakh of transactions every month.
The startup had raised its last round in July 2013 when it raised a $500,000 seed round from Snow Leopard. The company expects to further raise a Series A round of $5 million soon.
Chris Kolenaty, CEO of Snow Leopard Ventures, said the firm is excited by QuikWallet’s indigenously developed patent pending platform and customer orientation. “Their approach of being a platform is radically different from that of peers and a lot more sustainable and scalable in the long run,” he said.
Quickwallet competes with other similar mobile payment services in India which operates exclusively in the F&B space, which include Bengaluru-based Momoe and Gurgaon-based Ruplee, wherein Momoe had also raised $1.2 Mn in funding from IDG & Jungle Ventures, in January this year, while Ruplee is yet to raise funds.
Financial advisory firm Motilal Oswal estimated that mobile wallet usage grew 200% this year, and will grow from 3 crore to 15 crore by 2019.