It has grown rapidly as payment options for restaurants expand and recently applied to the RBI for a semi-closed prepaid payments license.
QuikWallet by Livquik Technology India, a mobile payment platform for the F&B sector has secured USD 1.6 million in follow on funding from its existing investor Snow Leopard Technology Ventures. Including this round of funding, the venture has in all raised USD 2.1 million and is looking to raise USD 5 million in Series A financing. Quikwallet currently caters to about 1000 restaurants and small merchants with a Gross Transaction Value (GTV) of INR 50 Lakhs and growing rapidly on a monthly basis.
QuikWallet started off as a payments and loyalty app for restaurants and has transformed itself into a platform that serves diverse merchant categories – from small neighborhood stores, florists, education institutions to car service centers. The platform provides merchants with a plethora of options like SMS, NFC, QR codes, Web/Mobile Apps and a POS Software integrated approach to help collect payments both offline as well as online.
“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 our open approach, we are trying to create a standard and our DNA of being customer and merchant driven, provides a distinct edge in doing so,” said Mohit Lalvani, co-founder and CEO, LivQuik Technology 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,” Lalvani added.
“We are happy to lead this round for QuikWallet. The approach of their platform is radically different from that of peers and more sustainable and scalable in the long run. Their potent mix of technology (indigenously developed patent pending platform) and relentless consumer and merchant focus is what excites us,” said Chris Kolenaty, CEO, Snow Leopard Ventures.
QuikWallet’s merchant connect platform interfaces with its consumer facing app, enabling businesses and consumers to transact fast and secure. The USP of the platform is that merchants require no hardware whatsoever and sensitive payment information never enters the merchant environment. QuikWallet’s consumer app also features Utility bill payments. It has the necessary data security certifications in place and recently applied to the Reserve Bank for a semi-closed prepaid payments license.
