MobiKwik bullish on gold, aims to sell 1 tonne in FY 2019-20

By

Maverick Martins

Published
Oct 22, 2018

Digital financial services platform MobiKwik has entered the gold market with the launch of digital gold on its app. The company is extremely bullish on gold and has set a target of selling 1-tonne gold in the fiscal year 2019-20.

Mobikwik will allow its users to buy and sell 99.5% purity, 24-carat gold on the app, starting at as low as Re 1. The company is planning to expand its gold offering ahead of the Diwali festival and will be partnering with leading jewellery brands for the same.
 
Mobikwik has stated that it has already sold 7 kilograms in the first 15 days and expects sales to rise in the coming days due to the Diwali festival.

Commenting on the launch, Upasana Taku, co-founder and director of MobiKwik said, “The festive season is in its full fervour right now. This is an auspicious time for us to launch the ‘Gold’ category. We are overwhelmed by the response received for this category. We have already sold 7 kilograms of gold in the first 15 days, in the limited release of the version, without any promotions.
 
“We are extremely bullish on gold as a category and we have set a target of selling 1 tonne of gold in FY 19-20. We will be adding new offerings to this portfolio, in partnership with renowned brands in the industry. We are confident that it will be one of the key business drivers for the company,” he added.
 
Mobikwik is one of the leading players in the digital payments space backed by investors like South Africa's payments major Net1, Sequoia Capital and American Express among others which hold a significant stake in the company.