MobiKwik invests Rs 2 crore in AI firm Pivotchain
The investment in Pivotchain will strengthen MobiKwik's fintech offerings
New Delhi: MobiKwik (One MobiKwik Systems Pvt. Ltd) has invested Rs 2 crore in Pune-based data science company, Pivotchain Solutions, the mobile wallet firm said in a statement Sunday. The investment will strengthen MobiKwik's fintech offerings, the company added.
Founded in 2017 by Deepak Rao and Yogendra Pratap Singh, Pivotchain Solutions is a predictive analytics firm with expertise in machine learning and artificial intelligence, and has built exclusive AI and deep-learning models for MobiKwik. These models will be instrumental for MobiKwik as it rolls out numerous lending products to address the credit requirements of its user base, MobiKwik said.
Within a year of its existence, Pivotchain is working closely with banking, insurance, retail and government sectors globally.
MobiKwik founder and CEO Bipin Preet Singh said the company's focus on delivering high quality fintech products will require immense focus on data, and an in-depth understanding of the user requirements across categories.
"Pivotchain is doing incredible work in alternate data scoring, predictive modelling and risk management and this investment will give us an edge over competition. We will continue to invest in companies that can add value to our business," he said.
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