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.
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.
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)
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.
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.
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.
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
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.
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 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’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 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).
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.
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.
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 INR2,260 crore as of Dec 29, 2021.
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 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.
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 millionregistered users as of 31 March 2024.
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 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 Shareholding
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
MobiKwik Financials
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/sptyC1Jz8fpic.twitter.com/c4Uu25OviP
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 CEOBipin 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 withUber 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:
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.
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 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 INR2,260 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.
Bipin Preet Singh, a visionary entrepreneur and the force behind MobiKwik, is a key player in the ever-changing world of financial technology. As the Managing Director, Co-Founder, and CEO of MobiKwik, Bipin has been crucial in transforming how India handles transactions, manages money, and adopts digital payments. His journey is a clear example of how determination, creativity, and a commitment to excellence can bring about significant change.
Bipin’s deep understanding of the evolving needs of the digital economy has guided MobiKwik to become a major player in the fintech industry. His leadership style, combining strategic foresight with hands-on involvement, has not only led MobiKwik to success but has also left a lasting impact on India’s fintech landscape.
Bipin’s role as the Managing Director, Co-Founder, and CEO of MobiKwik, along with being a Co-founder at ZaakPay, reflects his unwavering dedication to transforming India’s financial scene through innovation and inclusivity. His entrepreneurial spirit, along with a forward-thinking approach, has not only positioned MobiKwik at the forefront of the fintech industry but has also established him as a leader and influencer in the broader business community. As India embraces the digital revolution, Bipin’s vision and leadership are set to play a crucial role in shaping the future of financial technology in the country.
Exclusive chat with Bipin Preet Singh, Co-founder & CEO, Mobikwik
Bipin Preet Singh – Biography
Name
Bipin Preet Singh
Born
16 June 1980
Nationality
Indian
Education
B.tech in Electrical Engineering, IIT Delhi
Position
Managing Director, Co-founder, and CEO of MobiKwik
Bipin was born on 16 June 1980. He is married to Upasana Taku.
Bipin Preet Singh – Early Life
Bipin Preet Singh embarked on his professional journey by earning a B Tech in Electrical Engineering from the prestigious Indian Institute of Technology, Delhi, spanning from 1998 to 2002. In the initial phase of his career, he served as a Senior Design Engineer at Intel from 2002 to 2005. Here, Bipin played a pivotal role in the Whitefield project, Intel‘s groundbreaking server microprocessor design initiative in Bangalore. Starting in a 30-member team, his expertise in comprehensive hardware design expanded, encompassing logic and circuit design, formal modeling, and verification for a high-end x86 server microprocessor.
Following his stint at Intel, Bipin transitioned to a role as a Training Facilitator at Janaagraha in 2006-2007, contributing to the creation of India’s first citizen awareness program for the youth. His focus was on motivating individuals, particularly students and young IT professionals, to actively engage in the democratic process beyond just voting. The impact of his efforts is evident in one of the students he trained, who later led the renowned Jaagore campaign.
In 2006-2007, Bipin served as a Platform Architect at NVIDIA, collaborating with the global architecture team on media and communications processors. During this period, he fine-tuned a high-end memory controller for post-silicon performance and played a key role in developing the architecture for storage technologies such as RAID and SATA/AHCI. Subsequently, he took on the role of SoC Architect at Freescale Semiconductor from May 2007 to June 2009. Here, his focus was on multimedia and memory technologies for handheld devices, showcasing expertise in generating and analyzing performance models and proposing innovative features for Motorola chipsets.
Bipin’s entrepreneurial journey began in August 2009 when he founded MobiKwik, where he currently serves as the CEO. Over the past 14 years and 7 months, he has dedicated himself to building disruptive technologies that make financial services affordable and accessible to 500 million Indians, marking a remarkable trajectory in his career.
Bipin Preet Singh – Career
Bipin Preet Singh’s journey embodies the spirit of entrepreneurship. Growing up in India, he began his career fueled by a passion for technology and a talent for spotting business opportunities. Early on, Bipin recognized the potential of digital payments and aimed to create a platform to simplify and transform financial transactions. In 2009, alongside co-founder Upasana Taku, he established MobiKwik with a vision to make digital payments accessible to every Indian, marking the start of a transformative path.
Under Bipin’s leadership, MobiKwik has become a pioneer in digital payments and financial services. The company has played a crucial role in promoting digital transactions in India, providing services such as mobile recharges, bill payments, digital wallets, and more. Bipin’s commitment to financial inclusion is visible in MobiKwik’s initiatives to empower millions of users, particularly those in underserved areas, with convenient and secure digital payment solutions. His strategic vision has guided MobiKwik through the challenges of the fintech industry, adapting to evolving consumer preferences and technological advancements.
Bipin Preet Singh’s noteworthy accomplishments include guiding MobiKwik through different growth phases, securing significant funding, and forming strategic partnerships. His skill in attracting investment and building alliances with key industry players has not only helped MobiKwik grow but has also established the company as a crucial player in India’s digital economy. With a deep understanding of market dynamics and a focus on innovation, Bipin has successfully led MobiKwik to expand its services, introducing digital credit, insurance, and wealth management.
Bipin’s influence goes beyond the boardroom, he actively engages with the broader fintech community, sharing insights and contributing to discussions about the future of digital finance in India. His thought leadership is evident in public appearances, where he advocates for policy changes and technological advancements that can drive the growth of the fintech sector. Bipin’s dedication to fostering an ecosystem of innovation has not only helped MobiKwik but has also played a role in the overall development of India’s digital infrastructure.
In 2012, MobiKwik introduced a digital wallet system allowing users to deposit money online for bill payments and more. Teaming up with CashCare in May 2016, MobiKwik started offering small loans ranging from ₹500 to ₹2,500. The MobiKwik Lite mobile app was launched in November 2016, catering to users with older 2G mobile networks and those in areas with limited internet connectivity. By that time, the company had over 1.5 million merchants and 55 million users. Following the demonetization of Indian banknotes in November 2016, MobiKwik saw a 400% surge in financial transactions by late December 2016.
In February 2017, MobiKwik shared plans to invest about $45 million to increase its user base from 50 million to 150 million in 2017. By June 2017, Paytm and MobiKwik jointly accounted for 80 percent of India’s mobile wallet transactions market. In 2019, MobiKwik expanded its services internationally through a partnership with DT One. Also in 2019, the company diversified its offerings by providing loans, insurance, and investment advice.
On February 25, 2021, an Indian security researcher named Rajshekhar Rajaharia asserted that a hacker group named Jordandaven had taken the KYC details of almost 100 million MobiKwik users from a company server and posted them for sale on the dark web. The company, on March 4, 2021, refuted the claim and declared its intent to take legal action against the researcher. Subsequently, several independent researchers and users confirmed the availability of their MobiKwik data online. On March 30, 2021, TechCrunch reported that the company was hiring a third party to conduct a forensic data security audit.
Bipin Preet Singh – Achievements and Recognitions
Bipin is widely acknowledged as one of India’s top tech founders. In 2016, he made it to the ‘Fortune 40 under 40’ list of Indian entrepreneurs. Additionally, in 2018, he was recognized in the ‘Economic Times’ 40 under 40′ list of India’s prominent business leaders.
Bipin Preet Singh is the Co-founder, Managing Director, and CEO of MobiKwik.
What is MobiKwik about?
MobiKwik, India’s top digital banking platform, offers diverse financial services for both consumers and merchants, encompassing payments, digital credit, and investments.
What is MobiKwik used for?
MobiKwik has broadened its scope to cover various use cases, spanning bill payments, eCommerce, food delivery, petrol pumps, major retail chains, pharmacies, and local Kirana stores. Their platform facilitates peer-to-peer transactions through the Unified Payment Interface (UPI), MobiKwik Wallet, and seamless transfers from MobiKwik Wallet to banks.
Shubham Kumar
