Tag: mobikwik

Best Wallet Apps in India 2025: Top Mobile & Digital Wallets, UPI Payment Apps & Prepaid Wallets Reviewed

The globe is slowly paving its way towards a cashless society. From invoices to cards and now to mobile wallets, this significant transformation has reduced the weight of bulky wallets. We can pay for any product, transfer money, make bill payments, and almost everything to do with money from the comfort of our home. Payment wallets in India have made online transactions of money easy and fast, with their one-tap feature and quick processing, all at one go.

What is a Mobile Wallet?
How Does A Mobile Wallet Work?
Types Of Mobile Wallets In India
Are Mobile Wallets Secure?
Top 15 Mobile Wallets In India
Advantages Of Mobile Wallets
Mobile Wallet vs Digital Wallet
Limitations Of Mobile Wallets In India

What is a Mobile Wallet?

A mobile wallet is a digital wallet that uses a bank account or credit/debit card to make payments seamlessly while securing the data of the user. They are designed to enable secured transactions with a hassle-free process, with reduced fraud. This method of online payment has proved to be more economical as compared to other physical wallets. These wallets are easily accessible as well from the play-store or app store.

India ranks 2nd highest in the Asia Pacific for digital payment adoption.

Digital payments in India are set to account for 71.7% of the total payments volume by 2025, leaving cash and cheque transactions at 28.3%, according to a report by a US-based payment systems company.

Since Demonetization hit the Indian Economy harshly, the Government promoted the use of these wallets and since then the user base of these e-wallets has been increasing significantly. Many digital wallets by the Indian Government has been given to citizens like UPI, BHIM, Aadhaar Pay and Payment Banks.

How Does A Mobile Wallet Work?

Start by downloading the mobile app of your choice onto your smartphone. Then, load the card information you want to store, from debit, and credit cards to loyalty cards and even coupons.

When you want to make a purchase with your mobile wallet, you can either:

Choose your app and select a card at the checkout screen when you’re shopping online with your smartphone.
Tap your phone to a digital payment-enabled terminal at participating merchants when checking out. Mobile wallets use what is called a Near-Field Communication (NFC) chip that lets you use contactless payment with a physical card.

Types Of Mobile Wallets In India

	Closed PPI	Semi-Closed PPI	Open PPI
Definition	Issued by a company to buy goods and services only from that company; it does not permit cash withdrawals or redemptions.	Can be used to buy goods and services from merchants that have a contract with the Issuer to accept the payment instrument; it does not permit cash withdrawals or redemptions.	Allows a user to buy goods and services, withdraw cash at ATMs or banks, and transfer funds.
KYC Requirement	No KYC required	No As Such compulsion for KYC	KYC is Required
Examples	Makemytrip Wallet	Mobikwik	PayTM Payment bank

Are Mobile Wallets Secure?

One security concern when using a mobile wallet is losing your phone or having it stolen. That’s why it’s smart to use something like two-factor authentication, which could include setting up a personal identification number or a fingerprint requirement to unlock your phone.

You can also protect your data by installing apps that will help you locate your phone if you lose it or remotely wipe the data so a thief can’t reach the sensitive information in your phone. If you see any suspicious or unauthorized charges on your account(s), it’s a good idea to immediately change your password and call your bank to let them know.

Payment Wallets in India

Top 15 Mobile Wallets In India

S.No.	Mobile Wallet	Why Users Like It	Key Features
1	Paytm	Wide acceptance across merchants and services	Recharge, bill payments, UPI, wallet, shopping, FASTag
2	Google Pay	Fast UPI payments, no wallet required	Direct bank transfers, rewards, bill payments
3	BHIM Axis Pay	Simple and secure for Axis Bank customers	UPI-enabled app with direct bank linking
4	PhonePe	All-in-one UPI app with cashback and offers	UPI, recharges, bill pay, gold purchase, mutual funds
5	Mobikwik	Good for wallet-based payments and BNPL	Wallet, ZIP Pay Later, bill pay, credit card bill
6	Yono (SBI)	Trusted for SBI users with integrated banking	UPI, wallet, account services, investments
7	Citi MasterPass	Secure checkout for Citi card users	MasterPass integration, card-based payments
8	ICICI Pockets	Handy digital wallet for ICICI Bank users	UPI, virtual card, recharges, send/request money
9	HDFC PayZapp	Linked with HDFC cards and bank accounts	Bill payments, recharges, shopping offers
10	Amazon Pay	Integrated with Amazon for fast checkouts	UPI, cashback, wallet, bill pay, shopping
11	Samsung Pay	Great for Samsung device users	Tap & pay, UPI, debit/credit card support
12	Apple Pay	Secure and convenient for Apple users	Face ID/Touch ID payments, NFC tap-to-pay
13	WhatsApp Pay	UPI payments via familiar chat interface	Simple peer-to-peer payments in chat
14	Freecharge	Basic wallet with bill pay and recharges	UPI, wallet, recharges, offers
15	Airtel Money	Useful for Airtel users and bill pay	Wallet, UPI, utility payments, insurance

Paytm

Mobile Wallet	Paytm
Founded	2010
Total Downloads	500M+ (on Google Play Store)

Paytm – Best Wallet Apps in India

Paytm is one of the largest online commerce platforms in India offering its customers a mobile wallet to store money and make quick transactions. It is considered by many the best mobile app in India. Paytm was launched in 2010 and basically works on a semi-closed model. Users can load money and make payments to merchants. E-Commerce is an added benefit of it, but despite that, you can make bill payments, transfer money, and avail yourself of services of entertainment, travel, and cashback. Payments through Paytm are accepted almost everywhere.

Google Pay

Mobile Wallet	Google Pay
Founded	2017 (India launch)
Total Downloads	1B+ (on Google Play Store)

It was formerly known as Tez and for obvious reasons, it gained its user base really quick, in spite of being a late entrant in the mobile wallet industry. It is the best online payment app or best money transfer app with cashback. Google Pay works with your existing bank account, which already means that your money is safe with the bank and no issues with recharging your wallet every month. Send or receive money from your friend directly to your bank account. There is also no such issue regarding KYC making it all the more popular.

BHIM Axis Pay

Mobile Wallet	BHIM Axis Pay
Founded	2016 (as part of UPI launch)
Total Downloads	10M+ (on Google Play Store)

BHIM (Bharat Interface for Money) is another best mobile wallet in India. It is a mobile wallet app developed by the National Payments Corporation of India (NPCI), based on the Unified Payment Interface (UPI). Launched in December 2016, it is intended to facilitate e-payments directly through banks. Users register their bank account with BHIM and set a UPI PIN for the bank account. It can be used by both Axis Bank users as well as other bank users. The Mobile Number is then the permanent address and they can start transacting. User can pay their friends, family and merchants with the tap of a button.

PhonePe

Mobile Wallet	PhonePe
Founded	2015
Total Downloads	500M+ (on Google Play Store)

PhonePe was launched in 2015 and is now a part of Flipkart. From UPI Payments to mobile recharges, and money transfers to online bill payments, this can be done easily on PhonePe. With a good user interface, PhonePe has offered the safest and fastest online transaction experience in India.

Mobikwik

Mobile Wallet	Mobikwik
Founded	2009
Total Downloads	50M+ (on Google Play Store)

Mobikwik was launched in 2009 with its key proposition in Recharge and Bill payments. Mobikwik is one of the independent mobile payment networks that has a user base of 32 million. This e-wallet lets its users add money using debit cards, credit cards, net banking, and even doorstep cash services. One of the unique features Mobikwik has offered its users is ‘expense tracker’, basically which allows users to set a budget for expenses via SMS data to analyze and control the expenditure.

Yono (SBI)

Mobile Wallet	YONO (SBI)
Founded	2017
Total Downloads	100M+ (on Google Play Store)

This application was launched by the State Bank of India to let users transfer money to other users, pay bills, recharge, book tickets, shop, and travel. This is one of the top mobile wallets in India and has offered its mobile wallet services in 13 languages the best part is, that it is also available to non-SBI customers. It taps into the special feature where-in it allows its users to set reminders for dues, and money transfers, and view mini-statement for the transactions done already.

Citi MasterPass

Mobile Wallet	Citi MasterPass
Founded	2013 (India launch by Citi)
Total Downloads	Not publicly listed separately

Citi MasterPass was launched recently by Citi Bank India and MasterCard. This is one of India’s first global outreach in terms of digital wallets for faster and more secure shopping. Citi Bank debit and Master card customers become the first in this country to shop at more than 250,000 e-commerce merchants. It has ensured fast checkout with a single tap and stores all credit, debit, prepaid, and shipping details.

ICICI Pockets

Mobile Wallet	ICICI Pockets (ICICI Bank)
Founded	2016
Total Downloads	5 M+ (on Google Play Store)

It’s one of the best mobile wallets in India. It has provided the convenience of using any bank account in India to fund your mobile wallet and pay for transactions. It basically uses a virtual VISA card that enables its users to transact on any website or mobile application in India and provides exclusive deals or packages from associated brands.

HDFC PayZapp

Mobile Wallet	HDFC PayZapp
Founded	June 2015
Total Downloads	10M+ (on Google Play Store)

PayZapp is a complete payment solution by HDFC Bank which has a one-tap feature for easy payment. Not only does it let you recharge your phone or send money but also your DTH and data cards, pay utility bills, and compare and book flight tickets, trains, hotels and shops.

Amazon Pay

Mobile Wallet	Amazon Pay
Founded	2007 (Global), 2011 (India)
Total Downloads	500M+ (on Google Play Store)

Owned by Amazon, this online payment processing service was launched in 2017 in India (globally- 2007). Amazon Pay has focused its customers more on Amazon and so it gives its users the option to pay with their Amazon accounts on external merchant websites, including apps like BigBazaar etc. With Amazon Pay, you get to shop on Amazon with a number of cashback and discounts with fast shipping services. Recently, Amazon Pay got tied up with fintech companies, such as Zest Money to enable no-cost EMI payment options. The application has also made it easier for buyers to buy products on Amazon and pay later via affordable monthly instalments.

Samsung Pay

Mobile Wallet	Samsung Pay
Founded	August 20, 2015
Total Downloads	100M+ (on Google Play Store)

Samsung Pay is a digital wallet service owned by Samsung, it was launched on the year 2015. It is considered one of the best payment processing services for contactless payments. Samsung is accepted in almost every store, wherever credit and debit cards can be used it also offers Cashback. With the help of Samsung pay, the transaction between merchants and payers are possible without the exchange of bank and card information. Samsung Pay accepts all kinds of card readers like magnetic stripes, EMV and others,

Apple Pay

Mobile Wallet	Apple Pay
Founded	October 20, 2014
Total Downloads	Not publicly disclosed

Owned by Apple Inc., Apple Pay is a digital wallet service, which was launched in the year 2014. Major credit and debit cards are supported in Apple Pay, it also provides extreme security through touch and face id. Anyone owning an apple device can use Apple Pay on them for making payments. The card information is kept confidential while making payments. Apple Pay currently is available in more than 60 countries.

WhatsApp Pay

Mobile Wallet	WhatsApp Pay
Founded	February 2018 (India pilot)
Total Downloads	Over 1 billion (WhatsApp Messenger)

Launched in the year 2018, WhatsApp launched the chat payment service to allow users to complete any kind of transaction through WhatsApp. The secure way of the transaction enables people to make payments easy just like sending a message on WhatsApp. WhatsApp Pay has also been providing some great features like Cashback to attract more customers. This UPI-based payment service provides the option of sending and receiving money.

Freecharge

Mobile Wallet	Freecharge
Founded	August 2010
Total Downloads	50M+ (on Google Play Store)

Freecharge is a wallet app that is easy and fast to use for payments. You can recharge your phone, pay bills, and send money to friends. It also works with UPI payments and is popular for online shopping.

Freecharge gives good cashback offers and discounts, which users like. It lets you split bills, so sharing expenses with friends or family is simple. Many stores accept Freecharge for payments both online and in shops.

Airtel Money

Mobile Wallet	Airtel Money
Founded	2012 (initial launch)
Total Downloads	50M+ (on Google Play Store)

Airtel Payments Bank Wallet is a special service that mixes a mobile wallet with digital banking. You can pay bills, recharge your phone, or send money using UPI. It gives you more interest on your balance than regular savings accounts.

The wallet works well with Airtel services and gives special discounts to Airtel users. You can also withdraw cash from ATMs without a card, using QR codes. It is safe and trusted for your digital banking needs.

best mobile wallets in India — Mobile Wallets’ Usage in India

Advantages Of Mobile Wallets

Mobile wallets got popular due to the advantages it offers. Here are listed some of the advantages of using mobile wallets in India

1. One-Click Pay

This is one of the most convenient ways to make payments since the user can pay via such wallets. The mobile wallet takes the information from your card (credit/debit) and makes payments directly or adds money to your wallet. This has offered easy accessibility to users.

2. Multiple Features and Uses

With easy accessibility, it can be used anytime, anywhere. These mobile wallets can be used in a jiffy, it’s just that you need a proper internet connection for your device. Also, your single mobile wallet account can be accessed on any of your devices like laptops, PC, or smartphones with authenticated verification.

3. Robust Security Features

Mobile wallets have tried hard to provide extensive safety and security. Almost more than half of the population has shifted from leather wallets to e-wallets for the protection of their money. Mobile wallets have also reduced the chance of daily theft or losing cash.

4. Several Benefits

They come up with several other benefits like loyalty programs, cashback, rewards, shopping benefits, and many more so that their customers stay happy. Simultaneously, users can also save money through heavy discounts and offers.

Mobile Wallet vs Digital Wallet

	Mobile Wallet	Digital Wallet
Definition	Mobile wallets are payment apps housed on mobile devices, like smartphones and wearables.	Consumers using digital wallets, may or may not interact with them on their smartphones.
Uses	Consumers mostly use a mobile wallet for in-person transactions.	Consumers mostly use a digital wallet for online shopping or purchases.
Examples	Some of the most popular mobile wallets are Apple pay, Samsung pay, etc.	Some of the most popular digital wallets are Paytm, Paypal, etc.

Limitations Of Mobile Wallets In India

Besides the advantages Mobile wallets in India offer in the payment service industry, it has some limitations which are listed below.

A limit is set on the amount that you can deposit in your mobile wallet. For instance, Paytm allows the amount of ₹20,000 in its wallet.
The number of merchants listed or having a tie-up with these wallets is limited. In that case, you would always need to carry some cash in urgency.
Sometimes, Infrastructure issues stand for a lot of lost transactions or common ‘server down’ problems.
Few times, some fraud calls can also cause a possibility of a mobile theft where your personal information is compromised.
One of the major concerns is that a person needs a smartphone to make online transactions possible and that too, with good internet connectivity. This alone has stood a major limit to many poor families, who still carry cash in their pockets.

More than 40% of respondents used a smartphone in India.

While these large numbers and large user bases indicate the growing need for secure, faster, and efficient transaction methods for the online marketplace. Regardless of what we’ve seen and read, top e-wallets in India have outweighed its concerns. The use of e-wallets has constantly increased due to obvious reasons and its surprising offers. Mobile wallets continue to gain prominence in smartphones and laptops across the globe and have dominated the discussions of new ways to pay.

FAQs

What is a digital wallet and how does it work?

A digital wallet sometimes called an e-wallet, is a service that allows you to pay for things, usually through a mobile phone app. It also stores a number of other items a traditional wallet would hold, such as a driver’s license, gift cards, tickets for entertainment events, and transportation passes.

What is a digital wallet used for?

A digital wallet (or e-wallet) is a software-based system that securely stores users’ payment information and passwords for numerous payment methods and websites. By using a digital wallet, users can complete purchases easily and quickly with near-field communications technology.

Which is better PhonePe or Google pay or Paytm?

Experts suggest that all three digital transaction apps, more or less, are equally secure. While Google’s brand image definitely does some good to Google Pay. Paytm, and PhonePe continue to be easy picks for others due to their many features.

How to get PhonePe cashback?

Steps to get PhonePe cashback:

Download PhonePe App.
Do the needful for PhonePe Login / Signup.
Set Your Virtual Payment Address (VPA)
Click On Bank Accounts From Menu &Link Your Bank Account.
Recharge Your Mobile.

Paytm has the largest market share in India followed by PhonePe and GooglePay.

What is the difference between Paytm vs PhonePe?

Paytm Allows transactions across multiple modes like wallets, UPI, and payment gateway. PhonePe has started its wallet service but it is widely used for its UPI-based transaction which doesn’t charge you for any transaction.

Which wallet app is best in India or write a few Mobile wallet examples?

The best mobile wallets in India are:

Paytm
Google Pay
BHIM Axis Pay
PhonePe
Mobikwik
Yono (SBI)
Citi MasterPass
ICICI Pockets
HDFC PayZapp
Amazon Pay

July 16, 2025

MobiKwik Business Model Explained: How MobiKwik Earns Money, Makes Revenue, and Powers Peer-to-Peer Transfers in India
Millions of Indians rely on MobiKwik, a financial technology pioneer, to streamline and improve their digital payment experience. Debit cards, credit cards, net banking, and even cash deposits are just a few of the ways customers may easily load money into their digital wallet with MobiKwik, an all-inclusive mobile payments network. With the use of this flexible platform, consumers can easily pay for a variety of services, including entertainment costs, electricity bills, insurance premiums, and cell recharges. Peer-to-peer transfers are another feature that MobiKwik offers in addition to consumer transactions, making it simple for users to send money to friends and relatives.

Let’s take a fascinating look at the various elements of the MobiKwik business model to inspire would-be young entrepreneurs to research similar challenging prospects.

About MobiKwik
MobiKwik Business Model
How MobiKwik Makes Money | MobiKwik Revenue Model
USP of MobiKwik
SWOT Analysis of MobiKwik

About MobiKwik

About MobiKwik

Upasana Taku and Bipin Preet Singh founded MobiKwik in 2009, and since 2021, it has transformed itself into one of the major players in its domain. It began as a digital wallet before evolving into a full-featured horizontal finance platform. The fintech firm, which now has over 140 million customers and 3.7 million merchants, broadened its product line in 2018 to include a variety of financial services, such as mutual funds, credit, insurance, and digital gold. Its current services, including bill payment, payment gateway, and digital payment solutions, were supplemented by this growth.

MobiKwik Success Story: Business Model | Founders | Startup Story | IPO

MobiKwik is one of the largest mobile wallets in India. Read about MobiKwik’s owners, founder, valuation, business model, revenue, IPO, launch, net worth, and competitors.

StartupTalkyShubham Kumar

MobiKwik Business Model

The core of MobiKwik’s creative business strategy is building an extensive ecosystem that connects customers with a wide variety of merchants and service providers. Customers can perform transactions at physical retail locations and on e-commerce platforms thanks to the platform’s strong connectivity with both online and offline payment infrastructures.

A loyalty rewards programme that delivers discounts and cashback is part of MobiKwik’s user-centric strategy, which encourages regular use and improves consumer engagement. In order to meet customers’ short-term cash needs, the platform also incorporates microlending services, which provide users with small, immediate loans based on their credit profile and transaction history.

MobiKwik Business Model Canvas

MobiKwik is a leading Indian fintech company that offers a digital wallet, payment gateway, and financial services like loans and insurance. The business model of MobiKwik focuses on creating a connected ecosystem for users and merchants, enabling seamless transactions and value-added services.

MobiKwik Business Model Canvas

1. Key Partners
- Merchants (online & offline)
- Financial institutions (banks, NBFCs)
- Co-branded partners (e.g., Bajaj Finserv, American Express)
- Investors (Peak XV, ADIA, etc.)
- Payment gateways & technology providers
2. Key Activities
- Digital payment processing
- Micro-lending and credit scoring
- Merchant onboarding & integration
- App development & maintenance
- Data analytics for personalization
- Customer service & fraud prevention
3. Value Propositions
- Seamless online & offline payments
- Instant small-ticket loans
- Loyalty rewards, cashback, discounts
- Secure and fast transaction platform
- Financial services via app integration
4. Customer Relationships
- App-based self-service
- Personalized offers and rewards
- Customer support via digital channels
- Engagement through gamification & cashback
5. Customer Segments
- Individual consumers (urban digital users)
- Merchants (retailers, e-commerce sellers)
- Small borrowers needing instant loans
- Financial institutions seeking integration
6. Key Resources
- MobiKwik mobile app
- User transaction & credit data
- Payment infrastructure
- Partnerships & investor funding
- Technology & analytics systems
7. Channels
- MobiKwik app (Android/iOS)
- Partnered merchant websites/apps
- Retail QR code-based payments
- Digital marketing and referrals
8. Cost Structure
- Technology and platform development
- Employee salaries & support
- Marketing & promotions
- Compliance & security
- Loan servicing costs
9. Revenue Streams
- Transaction fees from merchants
- Interest in microlending
- Premium placement fees from partners
- Revenue from co-branded financial services
- Commissions from value-added services
Bipin Preet Singh: MobiKwik’s Founder and Tech Pioneer

Discover the visionary behind MobiKwik – Bipin Preet Singh, a tech pioneer shaping India’s digital finance landscape.

StartupTalkyshifa ali

How MobiKwik Makes Money | MobiKwik Revenue Model

MobiKwik’s revenue model is intricate and intended to support long-term expansion. The company’s primary source of revenue is the transaction fees that merchants pay to facilitate payments through the MobiKwik network.

Revenue through premium placement options

MobiKwik makes money by providing premium placement choices to companies that want to increase their app visibility.

Revenue through interest on small loans

By charging interest on user-issued modest loans, the microlending service generates another sizable revenue source.

Revenue through co-branded partnerships and financial service

The platform benefits from financial service integrations and co-branded alliances, which increase revenue and user acquisition.

By striking a balance between various sources of income, MobiKwik maintains a steady and varied flow of money, establishing itself as a flexible and robust participant in the ever-changing digital payments market.

MobiKwik Revenue

MobiKwik reported a loss of INR 55.2 crore in Q3 FY25, after making a profit of INR 5.27 crore in Q3 FY24. In the previous quarter (Q2 FY25), the loss was INR 3.59 crore.

In FY24, MobiKwik achieved a profit of INR 14.1 crore, a significant turnaround from the loss of INR 83.8 crore in FY23. This positive shift underscores the company’s effective cost management and revenue enhancement strategies.

The revenue from operations surged by approximately 62% from INR 539.5 crore in FY23 to INR 875.0 crore in FY24, highlighting the company’s robust business growth.

Upasana Taku – Mobikwik Co- Founder | Biography | Education

Upasana Taku, Mobikwik Co-Founder, is the first Indian woman leader in fintech. Read the biography of Upasana Taku and know her success mantra.

StartupTalkyYash Gupta

USP of MobiKwik

Like the majority of its competitors, MobiKwik has shifted its focus over the last few years to lending, which might not be sufficient on its own. The situation has altered dramatically from 2021, when there were no benchmarks for fledgling tech stocks, leaving investors and startups in the dark regarding pricing. Since Paytm, Zomato, Nykaa, and other tech stocks have been listed in recent years, their performance has been useful in setting standards.

In the long run, MobiKwik’s rationalisation of its IPO pricing and value would benefit its current shareholders. From companies including Peak XV Partners, Orios Venture Partners, Cisco Investments, NET1, Abu Dhabi Investment Authority, Bajaj Finserv, and American Express Ventures, among others, MobiKwik has raised about $180 million in debt and equity capital so far. After some employees exercised their ESOPs, the firm became a unicorn in October 2021.

Best Mobile Wallets in India | Online Payment Wallet Apps

Read to know all about working of Mobile wallets in India. Here are listed Top 13 mobile wallets in India. They are the best payment wallet apps.

StartupTalkyAvantika Bhardwaj

SWOT Analysis of MobiKwik

MobiKwik SWOT Analysis

Strength
- Strong brand awareness in the fintech sector in India.
- Wide range of services, such as loans, insurance, and payments.
- Payments Support for bill payment, recharge services, and online transactions.
- Coverage Goods for health and life insurance through alliances with insurers.
- Personal loans with adjustable payback plans up to INR 2 lakh.
- A big consumer base with millions of users.
Weakness
- Reliance on the Indian market restricts international growth.
- Issues with regulations in the fintech sector.
- Regulatory Penalties (INR) and Compliance Expenses (INR) by Year
- Fierce rivalry between banks and alternative payment systems.
- Problems with customer support that people have mentioned.
- Restricted reach in tier-2 and tier-3 cities, in contrast to more established rivals.
Opportunities
- India’s growing use of digital payments
- Possibility of growing into under-represented markets
- Growing consumer demand for digital financial services
- Possibilities for innovation with cutting-edge technologies like blockchain
- Forming strategic partnerships with financial institutions and banks to improve services
Threats
- Fierce rivalry between long-standing firms and recent arrivals in the fintech industry.
- Modifications to regulations that may have an effect on business operations or profitability.
- Economic downturns have an impact on loan repayments and consumer expenditure.
- Risks to cybersecurity that could erode user confidence.
- Rapid advancements in technology necessitate ongoing adaptation.
Conclusion

With a solid base characterised by high brand recognition and a wide range of services, MobiKwik is at a critical juncture. It must, however, overcome obstacles including fierce competition and legal restrictions. Growth opportunities are promising, particularly given the growing use of digital payments and new technology, but the business needs to be on the lookout for cybersecurity risks and changes in the market. MobiKwik can strategically position itself to take advantage of new opportunities in the constantly changing fintech ecosystem by utilising its strengths and correcting its deficiencies.

FAQ

How MobiKwik earn money?

Here are a few ways Mobikwik earns money:
- Revenue through premium placement options
- Revenue through interest on small loans
- Revenue through co-branded partnerships and financial service
Is MobiKwik RBI approved?

Yes, MobiKwik is RBI-approved as a Prepaid Payment Instrument (PPI) issuer and Bharat Bill Payment Operating Unit (BBPOU).

Is MobiKwik a unicorn?

Yes, MobiKwik became a unicorn in 2021.

Which company made MobiKwik and what does MobiKwik do?

MobiKwik, founded by One MobiKwik Systems Pvt. Ltd. in 2009, is a leading Indian fintech company started by Bipin Preet Singh and Upasana Taku. It offers a digital wallet, bill payments, recharges, Buy Now Pay Later (BNPL), small personal loans, insurance, and investment options. MobiKwik connects users and merchants, enabling fast, secure, and convenient financial transactions across India.

What are MobiKwik features and services?

MobiKwik offers features like mobile wallet, bill payments, recharges, UPI, and QR-based payments. Its services include Buy Now Pay Later (BNPL), instant personal loans, insurance, and mutual fund investments, all through a single easy-to-use app.

Evaluate the financial technology company Mobikwik on how to do peer to peer money transfer online in India?

MobiKwik enables peer-to-peer (P2P) money transfers in India through its UPI-based platform, allowing users to send or receive money instantly using mobile numbers or UPI IDs. The process is secure, fast, and integrated within the MobiKwik app, making digital payments simple and convenient.
July 3, 2025

MobiKwik Co-Founder Upasana Taku Success Story: India’s First Female Fintech Leader

With the rise of technology, it was just a matter of time before people shifted to online transactions. While this mode of payment became popular, many companies introduced the idea of e-wallets. One company that stands out in this space is MobiKwik. It is an Indian fintech unicorn that has made digital payments simpler and more accessible for users.

Behind the success of MobiKwik is a determined leader, Upasana Taku. The company was founded in 2009 by Upasana Taku and Bipin Preet Singh. Taku has played an important role in building the company and taking it to greater heights. Under their leadership, MobiKwik became a prominent player in the fintech industry. In December 2024, the company went public with its IPO opening for public subscription.

In this article, learn more about MobiKwik’s co-founder Upasana Taku, her education, her career, the challenges faced, and more.

Upasana Taku – Biography

Name	Upasana Taku
Birthplace	Gandhinagar, Gujarat
Born	1980
Nationality	Indian
Education	B.Tech in Industrial Engineering (NIT Jalandhar), MS (Stanford University)
Profession	Entrepreneur
Position	Co-Founder, Executive Director & CFO of MobiKwik, Co-Founder of Zaakpay
Spouse	Bipin Preet Singh
Company	One Mobikwik Systems Ltd (MobiKwik)

Upasana Taku – Early Life and Education
Upasana Taku – Career
Upasana Taku – MobiKwik
Upasana Taku – Coming Out of The Comfort Zone
Upasana Taku – The Journey of MobiKwik’s Growth and Milestones
Upasana Taku – Challenges Faced
Upasana Taku – Success Mantra
Upasana Taku – Awards & Recognition

Upasana Taku – Early Life and Education

Upasana Taku was born into a Kashmiri family in Gandhinagar and grew up in a family of academicians. She completed her schooling in Surat and went on to pursue engineering at the prestigious Dr B.R. Ambedkar National Institute of Technology, Jalandhar. Taku holds a B.Tech degree in Industrial Engineering from that institute. She did her MS in Management Science and Engineering from Stanford University, USA.

Upasana Taku – Career

After completing her Master’s, Upasana Taku’s career began in 2004 at HSBC Auto Finance in San Diego. She worked as a Business analyst in product management, where she was successful in many areas, like marketing and outreach, forecasting, and market research. She then joined PayPal in 2006. There, she worked as a Senior Product Manager. During her tenure at PayPal, she learned about payment systems in the Americas, Europe, and Asia. Apart from that, she also gained knowledge about risk detection and fraud management, user experience, and design at PayPal.

All these experiences laid a solid foundation for the founding of MobiKwik in 2009. In 2012, Upasana Taku launched Zaakpay, a payment service by MobiKwik. It offers mobile and online payment solutions to eCommerce companies in India, staying true to the values of its parent company.

Currently, Upasana Taku serves as the Co-founder, Executive Director, and CFO of MobiKwik, where she continues to work on the company’s financial strategies and growth.

Upasana Taku – Coming Out of The Comfort Zone

Bipin Preet Singh and Upasana Taku - MobiKwiki Co-Founders | Upasana Taku MobiKwik — Bipin Preet Singh and Upasana Taku – MobiKwiki Co-Founders

In 2008, although she had a comfortable life with her corporate job, she realized that she no longer wanted to be a corporate drone. According to her, work was becoming too easy, even though she worked on some high-impact projects and accumulated millions of dollars. But she wanted to come back to India and contribute to the Indian startup ecosystem. Well, this was the turning point of Taku’s career!

Her family didn’t support her decision to return to India, as they saw it as a big risk. At PayPal, she had a successful career, and she enjoyed a comfortable life. Despite all this, she was back in India in 2008.

While she was figuring out her next steps, she worked with Drishtee, a rural microfinance NGO, in Bihar and Uttar Pradesh, helping to empower local communities while gaining a deeper understanding of the challenges and opportunities in rural India.

In the subcontinent, she met a lot of people and extracted ideas about the buzzing sectors and unsolved gaps in the business and startup ecosystem. According to her, a wallet like PayPal was not popular in India. Therefore, users could never imagine a cashless world. Well, the example of India gave the idea to resolve this gap and work for the advancement of technology in the country.

While working on her ideas and project, she happened to meet Bipin Preet Singh in India through a common friend. Together, they started their fintech venture with a shared vision of disrupting the payments industry in India.

“It was a time when our parents would go to a nearby shop to recharge phones and that is when the idea of a mobile wallet business struck us which could pave a way to make consumer payments simpler. Fast forward to now, India is at the cusp of a digital revolution and the payments industry is witnessing a disruption like never before. We kind of saw this coming almost a decade ago,” said Taku in an interview.

Upasana Taku – MobiKwik

Upasana Taku co-founded MobiKwik in 2009 with Bipin Preet Singh, who serves as the CEO and is also her husband. MobiKwik is one of India’s leading mobile wallets and financial services platforms. The app allows users to make payments like mobile recharges, bill payments, and bank transfers. It also offers services like instant digital loans, investment options in digital gold, mutual funds, fixed deposits, and credit card bill settlements.

A key feature of MobiKwik is Pocket UPI. This allows users to make UPI payments without linking their bank accounts. Under Upasana’s leadership, MobiKwik has expanded its services, making it one of the most trusted and widely used platforms in India.

Upasana Taku – The Journey of MobiKwik’s Growth and Milestones

Upasana Taku’s Mobikwik is very simple and need-based. Initially, they launched the company as a recharge platform, and soon, within a few years, it became the face of mobile wallets in the country. At a time when people were dependent on physical cash for a trivial amount like INR 10, Taku revolutionized the sector by bringing the concept of a physical wallet onto the big stage. Presently, a millennial or Gen Z cannot imagine going to a shop for small recharges; all he/she need is to use an app to cover all the recharges. Now, Mobikwik has grown exceptionally as a company. In 2010, the company hired its first employee, and it was somehow very difficult for the team to find someone with the same mindset to serve the community.

In 2011, the team grew very slowly, with a team member count of six! They were dependent on the home-office sector. Even on their wedding day, Taku and Bipin Preet had to work for the company! Later in 2011, they rented their first office which had five rooms. Within a short period, they were growing at an exceptional pace and were a team of 35 people by June 2012. In September 2012, the team applied for RBI’s PPI license, and they received it in July 2013.

This was a milestone for the team as it was a symbol of their growth. The first round of the company’s funding was $5 million, which enabled them to shift to a larger office in Udyog Vihar, Gurugram, with 50 employees. The second round of funding came in 2015, they were able to draw funding of $25 million from Sequoia Capital, American Express, Tree Line Asia, and Cisco Investment.

Under her leadership, MobiKwik achieved major milestones, becoming a unicorn startup in October 2021 and launching its IPO in December 2024.

Upasana Taku – Challenges Faced

Upasana Taku’s journey has not been easy. When she was starting MobiKwik, she faced some tough challenges, especially because she was a woman in a male-dominated field. During investor meetings, she was often asked personal questions like why she wasn’t married by 30 or how many children she had. People even mistook her for her husband’s assistant instead of recognising her as a co-founder. New employees at the company would also question whether they should report to her or a male manager.

Taku faced gender bias in the investor meetings as well. She shared that some financiers told her they preferred male founders. In response, she would confidently say that her male counterparts might not be able to answer their questions as well as she could. She made it clear that she would never work with such people.

Despite these challenges, she remained focused, communicated clearly, and continued working towards the success of her company. Even when she was pregnant, she didn’t slow down. Upasana continued working and even attended a board meeting just a day before her cesarean surgery. Coming from a lower-middle-class background, she worked hard to earn a scholarship to study at Stanford University in the US.

While things are slowly getting better for women in business, Upasana acknowledges that there is still progress to be made. Her story is a great example of how, with hard work, determination, and courage, women can overcome any challenge.

Upasana Taku – Success Mantra

Taku’s mantra “Kick up a storm or die trying” has helped her to stay focused in difficult times. According to her, Tenacity is the key. Hence, her hard work and desire to serve the startup community have made her an inspirational figure for many aspiring entrepreneurs.

Upasana Taku – Awards & Recognition

Upasana Taku - Awards and Recognitions | First Woman to Lead a Payments Company in India — Upasana Taku – Awards and Recognitions | First Woman to Lead a Payments Company in India

Forbes “Asia’s Women to Watch (2016)”
Best Woman Entrepreneur Award 2017 by Associated Chambers of Commerce and Industry of India (ASSOCHAM)
In 2018, she received an award from the President of India for being the First Woman to lead a Payment Gateway Startup in India.
Forbes Asia’s Power 25 Businesswomen (2019)
In 2024, she was honoured with the ‘Unstoppable Icon’ award and recognised as India’s Leading Tech Founder & one of the Top 15 Richest Self-made Women in India.
In April 2025, Taku was recognized in Fortune India’s “100 Most Powerful Women in Business 2025” list, celebrating her impactful leadership and achievements in fintech.
Taku has been appointed as the Vice-President of the Executive Committee at the Unified Fintech Forum (formerly DLAI).

FAQs

Who is Upasana Taku?

Upasana Taku is the co-founder and CFO of Mobikwik, India’s leading mobile wallets and financial services company.

What is Upasana Taku age?

Upasana Taku was born in 1980 into a Kashmiri family in Gandhinagar and grew up in a family of academicians.

What is Upasana Taku education?

Upasana Taku’s education includes a B.Tech in Industrial Engineering from NIT Jalandhar and an MS from Stanford University.

What is Upasana Taku net worth?

While the exact net worth of Upasana Taku is not publicly available, in 2024, she was recognised as India’s Leading Tech Founder and one of the Top 15 Richest Self-made Women in India by CNBC-TV18.

What is Upasana Taku’s MobiKwik net worth?

As of May 12, 2025, MobiKwik’s market capitalisation stands at approximately INR 1,925 crore (around $232 million), based on its current share price of INR 247.80. This reflects a significant decline from its peak valuation of INR 4,102 crore (approximately $494 million) during its IPO debut in December 2024.

Who is Zaakpay founder?

Zaakpay, co-founded by Upasana Taku and Bipin Preet Singh (also MobiKwik co-founders), is a payment gateway service provided by MobiKwik. It focuses on fast, innovative digital payment solutions, tackling challenges in payments, reconciliations, and user experience. Recently, Zaakpay received RBI approval to operate as an online payment aggregator, further enhancing its capabilities.

May 12, 2025

How MobiKwik Outsmarted Bigger Rivals: The Psychology Behind MobiKwik’s Marketing Success
In the high-stakes world of digital payments, where Paytm, PhonePe, and Google Pay battle fiercely for the top spot, MobiKwik has set its benchmark. It was founded in 2009 by Bipin Preet Singh and Upasana Taku. MobiKwik began with a simple mission: to build a digital wallet that made storing and spending money effortless. So, how does a relatively smaller player survive and thrive in the cutthroat digital payments battlefield?

Let’s dive into MobiKwik’s marketing master plan, exploring how branding, partnerships, performance marketing, and customer loyalty programs have made this impressive journey and set it apart from the crowd.

The Marketing Mix – 4Ps that Power MobiKwik’s Strategy
MobiKwik Marketing Strategy – How the Digital Wallet is Powering its Growth?

The Marketing Mix – 4Ps that Power MobiKwik’s Strategy

MobiKwik Marketing Mix

MobiKwik has aligned its marketing mix to serve both urban fintech adopters and the underbanked Bharat population, positioning itself as more than just a payments app.
- Product: What started as a digital wallet is now one of the renowned fintech platforms offering MobiKwik Zip (Buy Now, Pay Later), insurance, gold investments, and digital credit lines. The app supports multiple regional languages, making it more inclusive.
- Price: Instead of aggressive discounting, MobiKwik promotes smart loyalty tools like SuperCash, encouraging users to return for future transactions. Premium offerings are affordably priced to appeal to India’s middle class and new-to-credit users.
- Place: As a digital-first product, MobiKwik is accessible via Android, iOS, and web platforms. Strategic integrations with platforms like Uber, BookMyShow, and IRCTC make MobiKwik part of users’ daily routines.
- Promotion: MobiKwik uses data-driven promotions from regional influencer campaigns to performance marketing. Influencers like Manoj Bajpayee and digital creators such as Harpriya Bains and Sharan Hegde have helped amplify brand trust and drive app installs through storytelling and financial literacy.
MobiKwik’s Partnership with Manoj Bajpayee

MobiKwik Marketing Strategy – How the Digital Wallet is Powering its Growth?

Building a “Trust First” Brand Image

When money’s involved, trust is everything. MobiKwik realized early that users wouldn’t adopt digital payments unless they felt safe. Instead of going for flashy ads promising unrealistic rewards, the brand stayed consistent with a security-first image:
- Encrypted transactions and robust KYC norms were front and center in campaigns.
- Highlighted achievements like PCI DSS certification and ISO 27001 compliance to assure users of world-class security.
This methodical emphasis on trust helped MobiKwik quietly build a loyal base, even without the aggressive blitz seen from competitors.

MobiKwik Success Story: Business Model | Founders | Startup Story | IPO | Net worth | Revenue Model

MobiKwik is one of the largest mobile wallets in India. Read about MobiKwik’s owners, founder, valuation, history, business model, revenue, IPO, launch, shareholding, parent organization, revenue model, net worth, and competitors.

StartupTalkyShubham Kumar

Laser-Focused Target Audience

While many competitors in the digital payments space cast a wide net, hoping to capture everyone with a smartphone, MobiKwik chose a more focused approach. Instead of spreading their resources thin, they strategically honed in on specific customer segments that presented the most potential for growth and long-term value. This laser-focused targeting allowed MobiKwik to craft hyper-relevant campaigns, design user-centric features, and deliver personalized communications that resonated with their core audience.

They zoned in on:
- Tier 2 and Tier 3 city users who were newly coming online.
- Young salaried professionals are looking for simple credit solutions.
- New-to-credit individuals who were financially underserved by traditional banks.
This clarity helped MobiKwik design campaigns, features, and communication specifically tailored to these personas.

Smarter Cashback with SuperCash

Smarter Cashback with SuperCash

SuperCash is a reward mechanism where users earn credits for every transaction made on the MobiKwik platform. However, here’s the twist: Unlike regular cashback that can be immediately withdrawn or used, SuperCash can only be redeemed for future transactions within the app. This strategic move not only helped MobiKwik reduce its marketing burn rate but also ensured repeat usage and continued customer engagement.

Instead of offering direct cashback, users received SuperCash, which could only be used for future transactions, ensuring repeat behavior.
- This reduced burn rates.
- Increased repeat engagement has dramatically increased.
Performance Marketing

In an industry where user acquisition costs are high, MobiKwik has stood out by adopting a performance-driven marketing strategy, ensuring that every marketing dollar spent contributes to tangible, measurable results. Rather than relying on traditional blanket advertising or spending heavily on top-of-the-funnel awareness campaigns, MobiKwik has focused on smart, data-driven marketing to convert interest into action, optimize ad spend, and engage users more effectively.
- Install and activate campaigns to convert interest into action.
- Retargeting dormant users with personalized nudges.
- Hyper-personalized push notifications based on past transactions.
They optimized every rupee spent, ensuring higher returns on marketing investments.

Strategic Partnerships – Being Where the Money Flows

In the highly competitive digital payments landscape, one of the most effective ways to build traction without reinventing the wheel is by forming strategic partnerships. Instead of asking users to change habits, MobiKwik embedded itself into existing user journeys:
- Tie-ups with platforms like BookMyShow, IRCTC, and Uber.
- Co-branded promotions with merchants where people were already transacting.
By being “invisible but indispensable,” MobiKwik increased its usage organically.

Bharat-Focused Regional Strategy

MobiKwik’s Festival Specific Ads

While India’s urban metros like Delhi, Mumbai, and Bangalore have long been the epicenters of digital payments, MobiKwik recognized early on that the real growth story lay beyond these metros. With Tier 2 and Tier 3 cities rapidly embracing digital payments, MobiKwik tailored its strategy to connect with the underserved and emerging markets. Recognizing the real growth story lies beyond metros, MobiKwik:
- Localized app interfaces in regional languages.
- Ran festival-specific ads during Onam, Baisakhi, and Pongal.
- Collaborated with regional influencers for grassroots trust-building.
This “Bharat-first” approach paid rich dividends in expanding MobiKwik’s footprint.

Influencer Marketing

In a crowded digital payment space where users are bombarded with offers daily, trust and education were MobiKwik’s differentiators. MobiKwik has collaborated with several influencers and celebrities to enhance its brand presence and connect with a diverse audience. Here are some famous personalities who have endorsed MobiKwik:
- Manoj Bajpayee: In 2023, MobiKwik launched a four-film digital campaign featuring acclaimed actor Manoj Bajpayee. The campaign humorously highlighted the platform’s credit card bill payment solutions, including instant settlements, timely reminders, and real cashback offers.
- Harpriya Bains: For Mother’s Day in 2023, MobiKwik partnered with stand-up comedian Harpriya Bains for the #SaveLikeAMom campaign. The initiative aimed to strike an emotional chord with the audience by sharing financial wisdom passed down from mothers, positioning MobiKwik as a trustworthy savings platform.
The strategy helped in education-driven acquisition rather than shallow discount-driven downloads.

Storytelling Around the IPO Journey

When most startups go public, the spotlight usually focuses only on the numbers, valuation, price bands, and oversubscription rates. But MobiKwik approached its 2024 IPO very differently.

For them, the IPO wasn’t just about raising funds; it was a once-in-a-lifetime branding opportunity to cement emotional loyalty among users, partners, and the larger fintech community.

Here’s how MobiKwik turned its IPO into a masterclass in human-centric storytelling:
- Shared authentic founder stories of grit and resilience.
- Highlighted their vision of financial inclusion for Bharat.
- Built an emotional connection rather than just financial hype.
This human-centric storytelling made MobiKwik relatable to the average user.

Upasana Taku Success Story: India’s First Female Fintech Leader | MobiKwik Co-Founder | Biography | Education |

Upasana Taku, Mobikwik Co-Founder & CFO, is the first Indian woman to lead a payments company in India. Read more about Upasana Taku’s success story, her education, career, challenges, awards, date of birth, and her success mantra. Upasana Taku wikipedia | Upasana Taku Biography

StartupTalkyYash Gupta

Gamification for Fun and Loyalty

By incorporating gamification right into its app experience, MobiKwik broke that stereotype, and users absolutely loved it. In addition to discounts, MobiKwik created attractive game mechanics that made everyday transactions feel rewarding and exciting:

MobiKwik integrated gamified elements:
- Spin the Wheel rewards after transactions.
- Referral games offering bonuses.
- Monthly challenges like “Complete 5 bill payments to win rewards.”
Result? Increased app engagement and stickiness without heavy discounting.

Hyper-Personalization with AI/ML

Using Artificial Intelligence and Machine Learning, MobiKwik:
- Offered custom credit lines based on behavior, not just CIBIL scores.
- Sent contextual insurance offers right when users needed them.
- Approved small loans in under 2 minutes!
Smart personalization made users feel seen and increased conversion rates significantly.

Financial Literacy Campaigns

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A post shared by Mobikwik Page (@mymobikwik)

MobiKwik didn’t just sell products; it educated users:
- Ran free webinars on savings, credit scores, and investments.
- Partnered with content creators for finance education videos.
- Built a “Learn” section in the app for bite-sized money lessons.
Helping users become smarter with money builds long-term loyalty and upselling opportunities.

Pioneering the BNPL Wave with MobiKwik Zip

Tapping into the booming “Buy Now, Pay Later” trend:
- Launched MobiKwik Zip, offering instant credit lines up to INR 60,000.
- Marketed it as “Pay Later, No Worries,” targeting millennials facing mid-month cash crunches.
- Bundled exclusive offers for Zip users to drive adoption.
Today, BNPL is one of MobiKwik’s fastest-growing revenue streams.

MobiKwik Business Model | How MobiKwik Makes Money | USP | SWOT Analysis |

Explore MobiKwik’s business model and learn how it generates revenue through payments, lending, subscriptions, and partnerships.

StartupTalkyNitin Konde

Conclusion

In MobiKwik’s marketing journey, we see an important lesson for all Indian startups: you don’t need to outspend your competition to outsmart them. The industry got swept up in flashy discounts and cash-burning battles, while MobiKwik kept its focus on smarter, more sustainable strategies. MobiKwik built something more lasting than just a payment app by deeply understanding user psychology, focusing on underserved Bharat markets, personalizing every interaction, cultivating loyalty through innovations such as SuperCash, and facing crises transparently.

FAQs

What is MobiKwik?

MobiKwik is one of the largest mobile wallets in India. It allows Indian consumers to store money in a virtual wallet and then to use it across channels (mobile, desktop, tab, SMS, IVR) to pay utility bills and shop using a wallet with registered merchants.

What does MobiKwik do?

MobiKwik is a digital payment and financial services company that offers mobile wallets, UPI payments, loans, and Buy Now Pay Later (BNPL) services.

What is MobiKwik launch date?

MobiKwik was launched in 2009.
May 1, 2025
Zaakpay Secures RBI Approval To Operate As Payment Aggregator

Zaakpay, a fully owned arm of MobiKwik, has received the Reserve Bank of India’s (RBI) nod to work as an online payment aggregator. Approval was granted under the Act of 2007 that governs payment and settlement systems in India. With that, Zaakpay can now act as a legal intermediary to help merchants and customers alike carry out digital transactions.

This milestone represents a significant advancement for the fintech company that received in-principle approval from the RBI in October 2021. The process involved to reach here was comprehensive, not only were the company’s systems and the cybersecurity of its platform thoroughly audited, but also the central bank had a number of additional inquiries that needed to be addressed. Over the past year, the company has worked to meet all the requirements laid out by the RBI. Until now, Zaakpay had been banned from onboarding new merchants because its application had been previously rejected in 2022.

Strengthening MobiKwik’s Core Payments Infrastructure

For a long time, Zaakpay has powered MobiKwik’s payment and financial services platforms. As the company’s regulatory filings make clear, any hiccup in Zaakpay’s operations would directly hit MobiKwik’s key offerings, such as MobiKwik ZIP and ZIP EMI. The recent authorisation removes a major regulatory bottleneck the company had encountered and lets Zaakpay get on with growing and integrating more deeply into the MobiKwik ecosystem.

Although Zaakpay was set up in 2011 to handle digital payments, its performance in recent years has taken a toll on the revenue of parent company MobiKwik. With the RBI giving its nod of approval, Zaakpay now has an opportunity to snatch back some of that lost revenue.

Business Revival Amid Competitive Fintech Landscape

MobiKwik looks to the Reserve Bank of India for help in regaining non-judgmental financial standing. The fintech firm is preparing to make public its Q4 FY25 financials, and it has publicly declared losses for three consecutive quarters. In Q3 FY25, MobiKwik posted a net loss of 55.2 crore INR, trading in the red compared to a profit of 5.3 crore INR in the same period a year earlier. Yet, in a contradiction that seems to be the firm’s new normal, revenue rose 18 percent year on year to 269.5 crore INR, hinting at operational growth despite pressures on profitability.

Now that Zaakpay has received regulatory clearance, it can go back to acquiring new merchants and ramping up its transaction volumes. For MobiKwik, this is a strategic win in the digital payments sector, where it is competing against a number of well-funded rivals. This is especially true given that, as we recently reported, regulatory compliance has become something of a sticking point for many companies that are hoping to operate in this space.

As MobiKwik reestablishes itself, it has been venturing into such adjacent fields as brokerage, insurance, and alternate non-banking financial services. These are part of a broader effort to reconstitute their revenue mix to build alternative revenue streams and reduce reliance on core payments.

May 1, 2025
MobiKwik Reports Loss of INR 1.3Cr as a Result of Fraud

A former employee of the fintech business MobiKwik allegedly altered merchant details to cheat the company out of INR 1.26 Cr. The company said in an exchange filing that Gaurav Sharma, the former employee, diverted the money from its books between August 2023 and September 2024. The company’s book of accounts has been adjusted to reflect the amount that was stolen. According to MobiKwik, the individual in question is presently being held after the company filed a case with the Gurugram police. MobiKwik has put in place a number of corrective actions to close the gaps. These include creating distinct wallets for various business segments, limiting access to admin portals, requiring a VPN for SSO (single sign-on) login, reversing unused merchant incentive amounts to their respective wallets, and sending hourly alerts to authorised individuals for changes in sensitive fields, such as bank account details.

MobiKwik Going Through Slew of Challenges

The company has already been going through a difficult period on the stock exchanges when it was informed of the scam. The company’s shadInvestors were especially optimistic before the IPO because of MobiKwik’s demonstrated profitability over the course of a full fiscal year. But since then, the fintech’s financial performance has suffered. In fact, in the two quarters since going public, it has posted losses.

According to MobiKwik’s most recent financial declaration, the company lost INR 55.3 Cr in Q3 FY25, against a profit of INR 5.3 Cr in the same period last year. However, operating revenue increased by 18% year-over-year to INR 269.47 Cr in the December quarter, up from INR 228.93 Cr in Q3 FY24. Since then, the business has been attempting to strengthen its operations by venturing into unexplored areas.

Ongoing Developments at MobiKwik

By establishing a fully owned subsidiary, MobiKwik Securities Broking, the company has made its foray into the investing tech sector. This means that it will deal in commodities, currencies, debt instruments, shares, stocks, and securities, as well as their derivatives. It expanded its fixed deposit (FD) aggregation as its primary service in February by purchasing a share in Blostem Fintech, a B2B banking infrastructure firm, for INR 1.5 Cr. Going forward, the board of the corporation authorised an undisclosed investment in “one or more” subsidiaries.

Google Pay, Paytm, and PhonePe are competitors of Mobikwik, which was founded in 2009 by Bipin Preet Singh and Upasana Taku. In addition to other financial products, it provides buy-now-pay-later (BNPL) services and mobile wallets. On December 18, 2024, Mobikwik debuted on the stock market, with shares trading at INR 442.25.

March 28, 2025

MobiKwik: Online Recharge and Bill Payment Made Easy!

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.

Digital transactions and the usage of mobile wallets are now a reality. Easy, hassle-free payments without having to hunt for change every time you purchase something are some major benefits of using a mobile wallet. While many international players are providing mobile wallet services in India today, MobiKwik is one of the pioneer Indian mobile wallet companies, which despite the raging competition of the sector, has carved a niche for itself.

Founded by the husband-wife duo, couple Bipin Preet Singh and Upasana Taku, MobiKwik has a unicorn valuation and the company’s IPO was successfully launched in December 2024.

This article is all about the journey and functioning of this successful Indian startup – MobiKwik, which was started with the sole goal of making payments easy and fun for every Indian. Know more about MobiKwik and its history, its Latest News, Founders and Team, Startup Story, Business Model, revenue model, IPO, Funding and investors, Revenue, Partnerships, Growth and revenue, Awards, Competition, and more.

MobiKwik Company Details

Startup Name	MobiKwik
Headquarters	Gurgaon
Origin Country	India
Industry	Digital Wallet, Fintech
Founders	Bipin Preet Singh, Upasana Taku and Chandan Joshi
Founded	2009
Parent Organization	One MobiKwik Systems Private Limited
Website	mobikwik.com

About MobiKwik
MobiKwik – Founders and Team
MobiKwik – Startup Story
MobiKwik – Mission and Vision
MobiKwik – Name, Tagline and Logo
MobiKwik – Business Model and Revenue Model
MobiKwik – Funding and Investors
MobiKwik – Shareholding
MobiKwik – Growth and Revenue
MobiKwik – Financials
MobiKwik – Products and Features
MobiKwik – Challenges and Controversies
MobiKwik – Partnership and Tie-ups
MobiKwik – Acquisitions
MobiKwik – IPO
MobiKwik – Awards
MobiKwik – Competitors

About MobiKwik

To make personal wallets redundant, MobiKwik is one of the largest mobile wallets in India. It allows Indian consumers to store money in a virtual wallet and then to use it across channels (mobile, desktop, tab, SMS, IVR) to pay utility bills and shop all they want.

For example, as a user, you could use it to recharge your mobile via its Android/iOS/BB/Windows App, or use it to buy bus tickets on any popular bus booking website or order and pay for pizza on the phone. It is a prepaid financial instrument approved by the Reserve Bank of India.

MobiKwik was founded by Bipin Preet Singh and Upasana Taku in 2009. The Gurugram-based digital wallet claims to have over 107 million users, 3 million merchants, and 200+ billers on its platform.

MobiKwik company is super-safe. Every penny stored in your wallet is well accounted for. You can also use the extra in-app security settings available on all mobile platforms it is operational on. These are Android, Windows, and iOS. All services of the app are also available via a desktop site and a mobile site. Besides, its simple UI is designed to give users a smooth experience.

MobiKwik ventured out into the offline space and activated mobile payments for brick-and-mortar stores such as Big Bazaar, Domino’s Pizza and many more. It received the coveted Prepaid Payment Instrument license from the Reserve Bank of India on 18 July 2013. The company has also received in-principle approval from the RBI to set up a Bharat Bill Payments Operating Unit (BBPOU), thereby enabling users from across all parts of India, urban and rural, to pay their utility and convenience bills through the MobiKwik wallet.

The initial service provided by the startup was a website with a closed wallet facility, but over the years, MobiKwik extended its service to mobile apps. Today it has transformed itself into a full-stack fintech company. One can do bank transfers, and can also take loans. The company has tie-ups with NBFCs like Bajaj Finance, Aditya Birla, and DMI Finance.

As for loans, it has many options like an instant 3-minute loan, a credit line, and a term loan. It has also tied up with ICICI Lombard for accidental insurance, and also offers several other insurance products like Online fraud protection, dengue insurance, hospital cash, etc., to name a few.

India’s payments market is fragmented with some 60 odd banks for internet banking, multiple levels of authentication on debit and credit cards, and a generally complicated electronic payment experience for the consumer. Mobikwik wallet payment options simplify all that with a 1-click Payment flow on your phone, tablet, or computer which works the same way every time.

As a user, you just need to trust it with your money and then you can shop on any merchant without disclosing your bank or card details. Here, you can be prepared to get exclusive discounts and offers every time you shop using the wallet. One can also earn money through the app by referring a friend on the platform. With the company venturing into new verticals and having acquired a huge user base, MobiKwik is surely here to stay. The company too has exciting plans for the future. One MobiKwik Systems Ltd. is the parent company of MobiKwik.

MobiKwik – Founders and Team

Bipin Preet Singh and Upasana Taku are the founders of MobiKwik. The net worth of MobiKwik’s founders was INR 2,260 crore as of Dec 29, 2021.

Mobikwik Owners — Bipin Preet Singh and Upasana Taku – Mobikwik Founders

Bipin Preet Singh

The Founder and CEO at MobiKwik, Bipin Preet Singh has worn several hats – from writing Java code to Customer Support and Marketing. He graduated from IIT Delhi in 2002 with a BTech degree in Electrical Engineering. After graduation, he worked at Intel, Nvidia, and Freescale Semiconductors for 7 years before starting up his own company. He has dabbled in advertising as a Partner with Star Auto and in civic advocacy as a volunteer with Janagraaha.

Upasana Taku

Upasana Taku is known as the co-founder of MobiKwik. Taku is an alumnus of NIT Jalandhar, from where she completed her Btech in Industrial Engineering before pursuing an MS, in Management Science and Engineering from Stanford University. Currently serving as the Co-founder and COO of MobiKwik and the Co-founder of Zaakpay, Upasana started with HSBC, where she worked as a Business Analyst and eventually moved to the position of Senior Product Manager at Paypal. Taku was then a Consultant at Multiple Companies before she managed to materialize her entrepreneurial dreams.

Bipin comes with a strong payment background as a senior product manager with PayPal (an eBay company) in Silicon Valley and before that with HSBC in San Diego. She graduated with a Bachelor’s in Engineering from NIT Jalandhar and a Master’s in Management Science from Stanford University. The company had appointed Bikram Bir Singh as the Business Head of Mobikwik at the end of October 2018. However, Singh left the company in August 2019.

Chandan Joshi

Staying for over 2 years in the batch of key leadership executives of MobiKwik, Chandan Joshi was elevated to the rank of Co-founder of the company in September 2020. Joshi began as an Associate Trader at Credit Suisse. He then founded Packetts, where he also served as the CEO for around a year when he exited the company by selling it to Nuvo Logistics. Joshi continued to stay with Nuvo as the Business Head of logistics for a year after which it was again acquired by Shadowfax. Joshi eventually joined MobiKwik as the Business Head – VP, Online and Offline Merchants and he is currently serving the same company as the Co-founder and CEO, of Payments.

Mobikwik had appointed Daman Soni as the VP for Marketing and User Growth of Digital payments in October 2018. Soni joined Mobikwik in December 2016, and quit the company on June 11, 2018, thereby joining the line of other resignees including Vineet Singh, Rukaiya Rangwala, Vivek Sinha, and others, who had quit Mobikwik.

MobiKwik has a team of 800 plus employees and 156 million registered users as of 31 March 2024.

MobiKwik – Mission and Vision

The mission of MobiKwik is “to build a world-class payments and credit product for Bharat!”

The company was started in 2009 with a vision of “transforming the digital payments landscape in India.”

MobiKwik – Name, Tagline and Logo

MobiKwik is a mobile-based digital payments platform that offers users effective digital wallets as a promising alternative to the physical wallets that they carry.

MobiKwik’s new tagline says ‘Discover MobiKwik Wallet – The easiest way to pay!

Mobikwik Logo

MobiKwik – Startup Story

Singh started MobiKwik in 2009 when he was tired of his easy-going corporate job and was looking to do something new in life. He wanted to create a simple payment platform for prepaid mobile users to recharge their currency. Since recharge is a small ticket-size transaction, he created a digital wallet where users could keep the money and recharge whenever they wanted.

He seeded the company with $250 thousand of his own money, developed the website and payment options, and rented office space in Dwarka, Delhi. The initial service was a website with a closed wallet facility, but over the years, MobiKwik extended its service to mobile apps. The company launched its Android app in 2012.

MobiKwik – Business Model and Revenue Model

Much like the business models of any other mobile wallet-based digital payments company, MobiKwik is modeled upon the P2P transactions that take place with the help of its app.

The revenue of Mobikwik comes from the commissions on each transaction that takes place, via partnering with companies and through the advertisements that they consider fit for their app. Furthermore, MobiKwik also gains fee-based incomes by cross-selling insurance and mutual fund products.

The distribution of digital credit products presently accounts for 50% of MobiKwik’s revenue, with the remaining 50% coming from its payment services.

MobiKwik – Funding and Investors

MobiKwik has raised a total of ~ $269 million over 21 rounds in funding. The most recent funding was raised on March 28, 2024, through a Debt Financing round.

The company raised debt funding worth $35 million on August 4, 2022, from Blacksoil Capital to gear up for IPO. This debt fund came in after 12+ months since MobiKwik filed its draft red herring prospectus (DRHP) with SEBI. As per the regulatory filing of MobiKwik, this fund was raised after the company allotted 700 non-convertible debentures (NCD) at an issue price of INR 5,00,000. MobiKwik was last reported to be looking to raise close to $100 million.

MobiKwik was declared a unicorn on October 12, 2021, after the end of the sale of the secondary ESOP round led by Mathew Cyriac, former head of Blackstone India.

Here is a list of all the funding rounds of MobiKwik:

Date	Stage	Amount	Investors
March 28, 2024	Debt Financing	₹500M	BlackSoil
January 16, 2023	Series E	$555K	BlackSoil
August 4, 2022	Debt Funding	$35 Million	Blacksoil Capital
December 30, 2021	Pre-IPO Round	$13.44 Million	Bennett Coleman
June 9, 2021	Series G	$20 Million	Abu Dhabi Investment Authority
April 14, 2021	Venture round	$5 Million	–
December 2020	–	$6.9 million	Hindustan Media Ventures
November 4, 2020	Series E	$5.57 Million	Hindustan Media Ventures
March 23, 2020	Venture Round	$30 Million	–
February 20, 2020	Venture Round	$500K	–
July 23, 2019	Venture Round	$1.17 Million	NDTV Limited & Trifecta Capital
March 1, 2019	Venture Round	$0.32 Million	Cisco Directors Gaurav Manglik & Tianying Fu
January 2019	Venture Round	–	InnoVen Capital
December 2018	Series E	$3.38 Million	Sequoia Capital India, GMO VenturePartners & Net1 UEPS Technologies, Inc.
August 2017	Series D	$35.4 Million	Bajaj Finserv Limited
May 2016	Series C	$50 Million	Sequoia Capital India, GMO VenturePartner, MediaTek, Net1 UEPS Technologies, Inc. & Tree Line Asia
April 2015	Series B	$25 Million	Tree Line Asia, American Express Ventures
March 2014	Series A	$2.5 Million	Sequoia Capital India
September 2010	Seed	$500K	–

MobiKwik – Shareholding

MobiKwik’s shareholding pattern as of March 2024, sourced from Tracxn:

MobiKwik Shareholders	Percentage
Bipin Preet Singh	19.1%
Upasana Taku	13.3%
Chandan Joshi	< 0.1%
Sequoia Capital	16.3%
Tree Line Investment Management	3.8%
ADIA	2.7%
Brand Capital	2.1%
Cisco Investments	2.0%
GMO Venture Partners	1.0%
DMI Sparkle Fund	0.3%
Orios Venture Partners	0.2%
Khattar Holdings	0.2%
Trifecta Capital	0.1%
Duroshox	< 0.1%
Polaris Banyan Holding	< 0.1%
IGE India	< 0.1%
360 One	< 0.1%
Ashika Group	< 0.1%
Spark Fund Managers	–
Burjorjee Family Private Trust	–
Infinity Alternatives	–
THE ARYANA TRUST	–
Pratithi Investment	–
MediaTek	–
BlackSoil	–
Bajaj Finserv	13.1%
NET1	10.2%
American Express	1.7%
Hindustan Times	1.2%
Universal Trustee	0.3%
Vardhman	0.2%
Leposhe Trading Enterprise	0.2%
Leisure Enterprise	< 0.1%
Vijaya Diagnostic Centre	< 0.1%
Vicco Laboratories	< 0.1%
Plant Lipids	< 0.1%
Ankur Healthcare	< 0.1%
ADVIK Hi-Tech	< 0.1%
Polaris Banyan Holding	< 0.1%
Rs Partner	< 0.1%
Bhaijee Portfolio	< 0.1%
Anchor Investment	< 0.1%
RS Partner	< 0.1%
Sundar Ram Enterprise	< 0.1%
J B Chem and Pharma	< 0.1%
AlphaGrep	< 0.1%
Charishma Hotels	–
BML Enterprises	–
Acumen Wealth Advisors	–
Hedge Finance	–
NDTV	–
Angel	1.3%
Other People	0.8%
ESOP Pool	6.3%
Other Investors	2.7%
Total	100.0%

MobiKwik – Growth and Revenue

MobiKwik was eyeing the launching of its IPO by September 2021, as revealed by co-founder Upasana Taku in June 2021. However, the IPO was postponed following Paytm’s dismal IPO.

On June 10, 2019, MobiKwik reported 5 times year-on-year growth to INR 362 crore in the gross transaction value of the IMPS (Immediate Payment Service) fund transfer business. With 6.7 lakh transactions during May 2019, it targeted INR10,000 crore worth of transfers, till the end of FY 2020. However, as per the latest reports, Mobikwik has been successful in clocking INR 362 crore worth of total funds transferred from its wallet to the bank. As per the National Payments Corporation of India, MobiKwik has a 26% share of the entire IMPS transfer market in India.

Mobikwik had narrowed its losses in the previous fiscal, which is why Upasana claimed that her company was cutting the losses each year followed by a doubling of the revenue. It had done this for the last 4 years but FY21 turned out to be an exception.

MobiKwik filed the Draft Red Herring Prospectus for its IPO on July 13, 2021. This had changed the holding of the entity, originally a private limited to a public company, which had changed its name to One Mobikwik Systems Limited.

With this, the company declared that for its IPO the company would be inviting bids worth INR 1900 crores for equity shares. MobiKwik issued its equity shares afresh that aggregate up to INR 1,500 crores, which will be added to the other shares that belong to 7 existing shareholders of the company, amounting to INR 400 crores.

Mobikwik announced that it would be issuing and allotting 156,17,940 equity shares, which will be live for 67 equity shareholders. The co-founders of the company, Bipin Preet Singh and Upasana Taku are deemed to be the largest beneficiaries of this bonus issue. They have been allotted 87,30,930 and 61,80,900 fully paid equity shares respectively.

MobiKwik – Financials

MobiKwik reported a loss of INR 55.2 crore in Q3 FY25, after making a profit of INR 5.27 crore in Q3 FY24. In the previous quarter (Q2 FY25), the loss was INR 3.59 crore.

Revenue from operations grew 17.7% year-on-year, rising from Rs 228.93 crore in Q3 FY24 to INR 269.47 crore in Q3 FY25. However, it dropped 7.3% compared to the previous quarter (Q2 FY25), where revenue was INR 290.64 crore.

The contribution margin also fell, from INR 87.2 crore in Q3 FY24 to INR 73 crore in Q3 FY25.

Over the past few years, MobiKwik has demonstrated significant financial growth, culminating in its first full-year profit in FY24. The company’s revenue has consistently increased, reflecting its expanding market presence and effective business strategies.

Particulars	FY24	FY23	FY22	FY21	FY20
Revenue	INR 890.3 crore	INR 561.1 crore	INR 543.2 crore	INR 302.3 crore	INR 369.9 crore
Expenses	INR 876.2 crore	INR 641.7 crore	INR 665.5 crore	INR 412.5 crore	INR 463.0 crore
Profit/Loss	INR 14.1 crore	INR -83.8 crore	INR -128.2 crore	INR -111.3 crore	INR -99.9 crore

In FY24, MobiKwik achieved a profit of INR 14.1 crore, a significant turnaround from the loss of INR 83.8 crore in FY23. This positive shift underscores the company’s effective cost management and revenue enhancement strategies.

MobiKwik Revenue Breakdown

Revenue Stream	FY24	FY23
Revenue from Operations	INR 875.0 crore	INR 539.5 crore
Other Income	INR 15.3 crore	INR 21.6 crore

The revenue from operations surged by approximately 62% from INR 539.5 crore in FY23 to INR 875.0 crore in FY24, highlighting the company’s robust business growth.

MobiKwik Expense Breakdown

Expense Type	FY24	FY23
Employee Benefit Expense	INR 116.0 crore	INR 98.2 crore
Finance Costs	INR 18.8 crore	INR 20.4 crore
Amortization & Depreciation	INR 4.3 crore	INR 4.3 crore
Other Expenses	INR 737.1 crore	INR 518.8 crore

Total expenses increased from INR 641.7 crore in FY23 to INR 876.2 crore in FY24. Notably, ‘Other Expenses’ saw a significant rise, indicating increased operational activities.

MobiKwik Profit/Loss Analysis

Profit Metric	FY24	FY23
Gross Profit	INR 14.1 crore	INR -80.6 crore
Operating Profit	INR 14.1 crore	INR -80.6 crore
Net Profit/Loss	INR 4.3 crore	INR -83.8 crore

MobiKwik transitioned from a net loss of INR 83.8 crore in FY23 to a net profit of INR 14.1 crore in FY24, reflecting improved operational efficiency and strategic focus.

Quick Summary

Revenue Growth: The company experienced a 62% increase in revenue from operations, rising from INR 539.5 crore in FY23 to INR 875.0 crore in FY24.
Expense Increase: Total expenses grew by approximately 37%, primarily due to higher operational activities, as evidenced by the rise in ‘Other Expenses’ from INR 518.8 crore in FY23 to INR 737.1 crore in FY24.
Profitability Achievement: MobiKwik achieved a net profit of INR 14.1 crore in FY24, marking its first profitable year and a significant improvement from the net loss of INR 83.8 crore in FY23.

These financial developments indicate MobiKwik’s successful strategies in revenue enhancement and cost management, positioning the company for sustained growth in the competitive fintech industry.

MobiKwik – Products and Features

MobiKwik has launched many products and features. Some of these are:

MobiKwik Products and Features	About	Date
MobiKwik launches feature “Lens”	Lens provide clients features like a wealth summary, intelligent money classification, trends in bank account balances, and prompts for crucial information.	September 12, 2023
MobiKwik wallet UPI feature launch	This innovative feature will allow MobiKwik users to make one-click UPI payments without the need for any UPI PIN.	May 24, 2023
MobiKwik UPI payment with Rupay Credit card Feature	Customers can simply make payments to merchants utilizing MobiKwik RuPay Credit Cards feature by scanning the UPI QR code and using the UPI PIN for payment authentication.	February, 2023
MobiKwik product launch “Xtra”	Xtra is a cutting-edge investing strategy created to satisfy the needs of young investors.	October, 2022
MobiKwik launches ” AutoBill Pay ” feature	This feature will assist MobiKwik users in automating all of their bill payments in accordance with there needs.	May, 2022
MobiKwik launches the “Clickpay later” option	In partnership with NPCI Bharat BillPay Ltd. (NBBL), MobiKwik, one of India’s major mobile wallets and Buy Now Pay Later (BNPL) Fintech businesses, introduced “ClickPay” for its users. Customers of MobiKwik can use this service to pay periodic online bills (including EMIs for loans, insurance, mobile, gas, water, and electricity).	January, 2022

MobiKwik – Challenges and Controversies

Being the biggest data leak in Indian history, independent cybersecurity researchers have found that the personal data of over 10 crore customers of MobiKwik is available for sale on the dark web. However, MobiKwik is denying the alleged data leak and intends to get a third party to conduct a forensic data security audit to provide clarity on the matter.

The MobiKwik leak is real. Here is what the dump had for me. One of those credit cards was valid until a couple weeks ago, and I don’t recall authorising MobiKwik to save it. Companies that lie like 👇 ought to be taken to the cleaners. https://t.co/sptyC1Jz8f pic.twitter.com/c4Uu25OviP

— Kiran Jonnalagadda (@jackerhack) March 29, 2021

As per the news dated 28th May 2020, the UPI payment and wallet platform MobiKwik was taken down from the Play Store for violating Google’s ad policies. The app was restored a few hours after the contentious ad was removed. MobiKwik owner and CEO Bipin Preet Singh said in a tweet that it was done because the app had an ad linking to the Aarogya Setu app.

Mobikwik had the ad as they were asked to by the regulator Reserve Bank of India and also as it’s in public health interest, Singh said.

Singh said that a week ago Google had warned them for promoting the Aarogya Setu app on its platform and termed it as deceptive. However, when they contacted Google, they said it was a mistake.

MobiKwik – Partnership and Tie-ups

The company partnered with Uber India in July 2015, which enabled Uber and its drivers to utilize MobiKwik to process debit and credit card payments.

On November 8, 2017, IDFC Bank entered into a strategic partnership with digital payments solution company to launch a co-branded virtual Visa prepaid card for the customers.

In June 2019, MobiKwik announced a partnership with DT One. DT One is a global B2B network for mobile top-ups/recharge, rewards, and airtime credit services. This partnership will enable the startup to offer mobile recharge in 150+ countries across more than 550 mobile operators.

There are many brands associated with MobiKwik. Some of them are:

BookMyShow
Café Coffee Day
Sagar Ratna
Pizza Hut
TastyKhana
JustEat
PVR
eBay
Myntra
Snapdeal
Shopclues
HomeShop18
Naaptol
Pepperfry
Fashionara
FashionAndYou
MakeMyTrip
Ferns N Petals
Amex

The company initially partnered with online merchants to make their wallets available as a payment option on e-commerce sites. Slowly, TV recharge and other utility bill payments were added.

MobiKwik partnered with Cashfree Payments in August 2023 and launched the “Zip Pay Later” feature.

MobiKwik partnered with BPCL in October 2022. With this partnership, BPCL launched digital payment for gas refilling of LPG cylinders.

MobiKwik – Acquisitions

MobiKwik has acquired one company to date. This maiden acquisition of MobiKwik was made on October 12, 2018, when the company acquired Clearfunds, a Mumbai-based online discount mutual funds robo advisor.

Company Name	Date	Price
Clearfunds	October 12, 2018	–

MobiKwik – Competitors

MobiKwik’s main competitors are:

Paytm
Freecharge
Google Pay (earlier Tez)
PhonePe
eRecharge Bytes
Recharge My
Justdial Recharge

On the wallet front, it rubs shoulders with Paytm, which has over 60 million wallet users. However, it has a strong focus on the wallet, while Alipay-backed Paytm is following a horizontal approach and has forayed into the B2C marketplace.

MobiKwik – IPO

The Securities and Exchange Board of India (SEBI) has given the payment platform MobiKwik permission to earn INR 700 crore through an initial public offering (IPO) on 24 September 2024. There is no offer-for-sale component to the IPO, which is purely a new issue of equity shares with a face value of INR 2 per share.

The Mobikwik IPO is a book-built issue worth INR 572 crore, consisting entirely of 2.05 crore new shares.

Bidding for the IPO opened on December 11, 2024, and closed on December 13, 2024. The share allotment was finalized on December 16, 2024, and the shares were listed on BSE and NSE on December 18, 2024.

The price band for the IPO was set at INR 265 to INR 279 per share.

Retail investors had to apply for at least 53 shares, requiring a minimum investment of INR 14,787.
Small Non-Institutional Investors (sNII) needed to apply for 14 lots (742 shares), with a minimum investment of INR 2,07,018.
Big Non-Institutional Investors (bNII) had to apply for 68 lots (3,604 shares), needing INR 10,05,516 to invest.

Using INR 250 crore, MobiKwik intends to build its financial services division, accelerate growth in its payment services with INR 135 crore investment, and devote another INR 135 crore to data, machine learning, and artificial intelligence breakthroughs.

Mobikwik had earlier planned to go for IPO (Initial Public Offering) by September 2021. It was also reportedly planning to raise $200Mn-$250Mn at a valuation of $1Bn in this initial offer. The company had already managed to get approval for the same from SEBI. The upcoming IPO of MobiKwik will certainly be interesting. Though the company is still not declared a market leader or hailed as a giant unicorn, like Zomato or Paytm, the draft documents of the business mention that the rapid growth of the digital payments and payment platforms, online shopping, and internet usage, marks it as a deserving IPO nominee.

The company had already listed its draft documents back on July 12, 2021, and has mentioned that it would be raising around INR 1,900 crores in its upcoming public offering. Furthermore, it has announced that the offer will comprise of fresh issue of equity shares up to INR 1,500 crores in addition to an offer for sale for certain existing shareholders up to INR 400 crores. The offer of sale (OFS) of the company will further include the sale of shares valued at nearly INR 9.9 crores by American Express, shares worth INR 68.9 crores from Bajaj Finance, INR 11 crores from Cisco Systems, INR 94 crores by Sequoia, INR 24 crores by Treeline Asia, INR 111 crores from Bipin Preet Singh and around INR 78 crores from Upasana Taku, the founders of the company. The fintech unicorn has seen a dip in its unlisted share prices throughout the past couple of weeks, as of December 2, 2021.

The company raised its pre-IPO round on December 30, 2021, from Bennett Coleman and said that it will be going public in 2022. The company expects to double its revenue by the end of this fiscal, indicating a 100% growth for the company. Furthermore, while referring to the upcoming IPO round of Mobikwik, the Co-founder and COO of the company, Upasana Taku mentioned that they will not be looking for an IPO soon and instead wait for the market to stabilize, as stated on January 23, 2022.

Upasana Taku, the chairperson of MobiKwik, stated that they intend to file for an IPO in 12 to 18 months. In November 2022, the IPO became inactive. They have been permitted to raise INR 1900 crore, which would be split between a new issue of INR 1,500 crore and an offer for sale (OFS) of INR 400 crore.

For the IPO, MobiKwik is collaborating with SBI Capital Markets Ltd. and DAM Capital Advisors Ltd., as per the news report of November 29, 2023. The financial unicorn hopes to list next year and raise $84 million (about INR 700 crore) through the IPO.

MobiKwik – Awards

Some major awards MobiKwik won to date are:

MobiKwik won e4mPrideOfIndiaBrands Award in 2023.
MobiKwik won Excellence in Consumer Lending Award in 2022.
The company won the ET Iconic Brand of the Year Award in 2018
MobiKwik also won the Amity Leadership Award in 2018.
MobiKwik was also the recipient of the ‘AWS Mobility Award’ for the best mobile app in Financial Services
Moneytech’17 Awards declared Upasana Taku as the winner of The Female Entrepreneur of the Year.
Bipin and Upasana, the founder duo of MobiKwik was also listed in the Fortune 40 under 40 Awards 2016
In 2014, MobiKwik won the Billionth Award South Asia in the category of Mobile Business, for socially valuable contributions to South Asia’s digital infrastructure

FAQs

What is MobiKwik?

MobiKwik is one of the largest mobile wallets in India. It allows Indian consumers to store money in a virtual wallet and then to use it across channels (mobile, desktop, tab, SMS, IVR) to pay utility bills and shop using a wallet with registered merchants.

What does MobiKwik do?

MobiKwik is a digital payment and financial services company that offers mobile wallets, UPI payments, loans, and Buy Now Pay Later (BNPL) services.

What is MobiKwik launch date?

MobiKwik was launched in 2009.

MobiKwik is from which country?

MobiKwik is an Indian company founded in 2009 that provides a mobile phone-based payment system and digital wallet.

Who owns MobiKwik?

Bipin Preet Singh and Upasana Taku are MobiKwik founders. They founded the company in 2009. Bipin Preet Singh is the Mobikwik CEO.

What is the MobiKwik official website?

MobiKwik official website is mobikwik.com

Who are the competitors of MobiKwik?

MobiKwik’s competitors are Paytm, Freecharge, Google Pay (earlier Tez), and PhonePe.

Who is MobiKwik marketing head?

Monika Mishra is known as the Mobikwik Marketing Head, who works as the Senior marketing head of the company.

What is the Mobikwik headquarters location?

Mobikwik headquarters’ location is Gurugram, Haryana.

What is MobiKwik business model?

MobiKwik is a fintech company that offers digital payments, BNPL (Buy Now, Pay Later), and financial services like loans, insurance, and wealth management. It earns revenue from transaction fees, interest on BNPL, and commissions from financial products.

What is MobiKwik net worth?

As of December 2024, MobiKwik’s valuation, based on the IPO price band, stands at $197 million.

How to change MobiKwik mobile number?

If you want to change the MobiKwik mobile number, then you need not worry because following the below-mentioned steps will help you do it without many hassles:

First, you need to open your MobiKwik wallet and log into your account.
Next, you need to swipe left, and then open Menu/Options bar. Here, you will be able to see the “My Saved Connections” option. You need to tap and open the same section.
Under the Saved Connections sections, you will be able to see your Primary Number. You need to simply tap on the same to change it.
Then, you need to go to the three dots that you can find on the top screen in the right. Here, you can find the option that says “Edit Primary Number”. After you get the same, just tap on it.
Now, you need to enter your new mobile number, along with your operator details, circle, and finally type the 10-digit phone number and tap on it to save it.
Finally, you will get an OTP on the new mobile number that you have typed in.
You need to simply enter the OTP, and tap on Verify OTP.
After you have successfully changed your mobile number, you will get a confirmation on your old number.

What is MobiKwik owner net worth?

The net worth of MobiKwik’s founders was INR 2,260 crore as of Dec 29, 2021.

How to close MobiKwik account?

To close MobiKwik account, you need to just perform some easy steps. Here are the steps that you need to perform if you are wondering how you can close MobiKwik account:

First, you need to fill a support ticket.
Then, you have to raise a request to remove the MobiKwik account. Here, you need to write a simple message clearly to establish the reason why you want to delete your MobiKwik account.
After filling up the reason, you need to click on the Submit tab.
Finally, you have to wait for the confirmation of the deletion of your MobiKwik account.

Which is MobiKwik parent company?

One MobiKwik Systems Ltd is the parent company of MobiKwik.

What is MobiKwik customer care number?

MobiKwik customer care number is 08069808320.

February 6, 2025

Piramal Finance and MobiKwik Collaborate to Provide Personal Loans

MobiKwik, a recently listed fintech giant, has partnered with Piramal Capital and Housing Finance (Piramal Finance) to provide users nationwide with personal loans up to INR 2 lakh. According to a statement from the fintech startup, the agreement will allow MobiKwik users can apply for loans under the ZIP EMI plan using company’s app, with amounts ranging from INR 50,000 to INR 2 lakh. These loans are available to all MobikWik app users between the ages of 23 and 55 who earn more than INR 25K. The loan period ranges from six months to two years. The fintech major stated that it hopes to meet its clients’ various financial demands with its new product, which includes, among other things, travel, medical, and educational costs.

Solving the Credit Issue of the Customers

The collaboration between MobiKwik and Piramal Finance is a big step in meeting the credit needs of millions of Indians. According to MobiKwik cofounder and MD Bipin Preet Singh, MobiKwik, the company is confident in delivering a smooth user experience by fusing Piramal Finance’s financial services experience with its digital platform.

These loans are available to those who earn more than INR 25,000, are between the ages of 23 and 55, and have a repayment period of six to twenty-four months. MobiKwik has eight arrangements in place to provide personal loans prior to Piramal Finance.

About MobiKwik and its Latest Developments

MobiKwik is a digital banking platform that was founded in 2009 by Bipin Preet Singh and Upasana Taku. It provides a variety of financial products and payment methods to consumers and merchants, including digital wallets, UPI, pocket UPI, and Zaakpay (payment gateway). With 167 million registered customers and a network of 4.4 million merchants, the firm bills itself as India’s biggest provider of digital wallets.

Notably, MobiKwik was one of 13 cutting-edge tech firms to go public in 2024. The company’s shares were listed on the BSE for INR 442.25 each, which was 58.5% more than the IPO issue price of INR 279 per share. Higher tax costs caused MobiKwik to go into the deficit in the September quarter of the fiscal year 2024–2025 (Q2 FY25). The fintech juggernaut posted a net loss of INR 3.59 Cr in the second quarter of FY25, compared to INR 5.22 Cr in the same time last year. During the reviewed quarter, operating revenue increased 42% to INR 290.65 Cr from INR 203.45 Cr in Q2 FY24.

Despite a 33% yearly drop to $1.9 billion, India still ranks third in the world for fintech funding in 2024. With eight IPOs and two new unicorns, the ecosystem demonstrated resiliency. Digital lending solutions dominated investment, with notable funding rounds including DMI Finance and Credit Saison. Elevation Capital and Peak XV Partners were among the major investors.

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January 17, 2025
Peak XV Offloads About INR 82 Crore Worth of MobiKwik Shares

On December 26, Peak XV Partners Investment Holdings III, a foreign venture capital investor in One Mobikwik Systems, sold shares in the company for INR 81.63 crore through open market transactions. Recently, One Mobikwik Systems was added to the benchmark index. According to an NSE bulk sale, Peak XV Partners Investment, formerly Sequoia Capital India and SEA, sold a 1.54% share in the business. At INR 679.38 per share, the investor sold off 12.01 lakh shares.

As of December 16, Peak XV Partners Investment Holdings III owned 2.81% of the business, per BSE statistics. However, as of December 6, Peak XV Partners Investment Holdings III owned 3.67% of the business, according to the Red Herring Documents. for a premium of 57.71%, the stock made its debut on the National Stock Exchange for INR 440 a share. At INR 442.25 per share, it was listed on the BSE, representing a 58.51% premium.

MobiKwik’s Recently Concluded IPO

The initial public offering (IPO) of MobiKwik Systems, which ended on December 13, was subscribed for 119.38 times, with qualified institutional purchasers driving demand. Only a new issue of shares valued at INR 572 crore was included in the IPO.

The IPO proceeds will be used by MobiKwik for a number of initiatives, such as INR 150 crore for financing organic financial services growth, INR 135 crore for payment services, and INR 107 crore for investments in data, machine learning, artificial intelligence, and product and technology research and development. The remaining INR 70.28 crore will be allocated to general corporate objectives and capital expenditures for its payment devices division.

About MobiKwik and Expansion of Fintech Sector in India

MobiKwik, a digital banking platform that provides a range of financial solutions for both customers and merchants, was founded in 2009 by Bipin Preet Singh and Upasana Taku. The fintech startup makes money by offering payment gateway services, buy now pay later (BNPL), and consumer payments. In India’s growing fintech market, it faces competition from companies like Paytm, PhonePe, and Google Pay. Recently, MobiKwik became public on the stock exchanges. Its initial public offering (IPO) included no offer for sale and only a new issuance of shares valued at INR 572 Cr.

Company’s Performance at BSE

MobiKwik’s stock debuted on the BSE at INR 442.25, which was 58.5% higher than the issue price of INR 279. The shares were listed at INR 440 each on the NSE, which was 57.7% more than the issue price. The stock has been rising steadily ever since. Dolat Capital, a broking firm, began covering the stock earlier this month with a “BUY” rating and a price objective of INR 500. In the first quarter of FY25, MobiKwik recorded a net loss of INR 6.6 Cr, down from a net profit of INR 3 Cr in the same period last year. During the reviewed quarter, operating revenue was INR 342.2 Cr.

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December 27, 2024
Mobikwik IPO to Open Today

On December 11, 2024, One Mobikwik Systems Limited is scheduled to make its much-anticipated initial public offering (IPO) to the Indian primary market. According to sources, shares of fintech giant MobiKwik are trading almost 40% higher on the grey market from the upper end of the price range of INR 265 to INR 279 ahead of the start of the company’s initial public offering (IPO). On December 8, MobiKwik shares were trading at INR 391 per, according to Investor Gain. On December 11 and 13, the company’s first public offering (IPO) will open and close. Brokers’ optimistic assessments of the IPO may have contributed to the price spike in the grey market. With a long-term outlook, Bajaj Broking advised investors to subscribe to MobiKwik’s IPO. According to the brokerage’s IPO note, MobiKwik intends to expand its operations into other markets, which could increase its earnings in the upcoming years.

Reducing IPO Size

Additionally, Kotak Securities has praised the company’s decision to reduce the size of the IPO, stating that it is an appealing investment opportunity. The smaller IPO size and targeted funding allocation show strategic intent. According to Kotak, if handled carefully, the IPO could position MobiKwik as a pioneer in defining the direction of digital finance. In an attempt to raise INR 572 Cr, MobiKwik submitted their red herring prospectus last week. It had previously been approved by market watchdog SEBI to raise INR 700 Cr through its initial public offering. Only a new issue of shares is included in the public offering. Additionally, the business reduced its 2021 valuation of roughly $1.5 billion to $1.7 billion to about $255 million for its IPO.

Current Financial Situation of MobiKwik

According to Bipin Preet Singh, the founder and CEO of MobiKwik, it is disheartening for investors when an initial public offering (IPO) with a high value underperforms after listing. People think they are horrible companies that spend a lot of money, but someone needs to change that. “We don’t mind if it means receiving a lower valuation,” he stated. MobiKwik, on the other hand, turned a profit in FY24 but went into the red in the first quarter of 2024–25 (Q1 FY25). Compared to a net profit of INR 3 Cr in the same quarter last year, it reported a net loss of INR 6.6 Cr in Q1 FY25. During the reviewed quarter, operating revenue was INR 342.2 Cr. Compared to the previous fiscal year’s net loss of INR 83.19 Cr, MobiKwik reported a net profit of INR 14.1 Cr in FY24. Operating revenue increased from INR 539.5 Cr in FY23 to INR 875 Cr, a 62% increase.

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Tag: mobikwik

Best Wallet Apps in India 2025: Top Mobile & Digital Wallets, UPI Payment Apps & Prepaid Wallets Reviewed

What is a Mobile Wallet?

How Does A Mobile Wallet Work?

Types Of Mobile Wallets In India

Are Mobile Wallets Secure?

Top 15 Mobile Wallets In India

Paytm

Google Pay

BHIM Axis Pay

PhonePe

Mobikwik

Yono (SBI)

Citi MasterPass

ICICI Pockets

HDFC PayZapp

Amazon Pay

Samsung Pay

Apple Pay

WhatsApp Pay

Freecharge

Airtel Money

Advantages Of Mobile Wallets

1. One-Click Pay

2. Multiple Features and Uses

3. Robust Security Features

4. Several Benefits

Mobile Wallet vs Digital Wallet

Limitations Of Mobile Wallets In India

FAQs

What is a digital wallet and how does it work?

What is a digital wallet used for?

Which is better PhonePe or Google pay or Paytm?

How to get PhonePe cashback?

Which Mobile wallet has highest market share in India?

What is the difference between Paytm vs PhonePe?

Which wallet app is best in India or write a few Mobile wallet examples?

MobiKwik Business Model Explained: How MobiKwik Earns Money, Makes Revenue, and Powers Peer-to-Peer Transfers in India

About MobiKwik

MobiKwik Business Model

MobiKwik Business Model Canvas

1. Key Partners

2. Key Activities

3. Value Propositions

4. Customer Relationships

5. Customer Segments

6. Key Resources

7. Channels

8. Cost Structure

9. Revenue Streams

How MobiKwik Makes Money | MobiKwik Revenue Model

Revenue through premium placement options

Revenue through interest on small loans

Revenue through co-branded partnerships and financial service

USP of MobiKwik

SWOT Analysis of MobiKwik

Strength

Weakness

Opportunities

Threats

Conclusion

FAQ

How MobiKwik earn money?

Is MobiKwik RBI approved?

Is MobiKwik a unicorn?

Which company made MobiKwik and what does MobiKwik do?

What are MobiKwik features and services?

Evaluate the financial technology company Mobikwik on how to do peer to peer money transfer online in India?

MobiKwik Co-Founder Upasana Taku Success Story: India’s First Female Fintech Leader

Upasana Taku – Biography

Upasana Taku – Early Life and Education

Upasana Taku – Career

Upasana Taku – Coming Out of The Comfort Zone

Upasana Taku – MobiKwik

Upasana Taku – The Journey of MobiKwik’s Growth and Milestones

Upasana Taku – Challenges Faced

Upasana Taku – Success Mantra

Upasana Taku – Awards & Recognition

FAQs

Who is Upasana Taku?