- Digital payments and financial services startup MobiKwik have appointed Chandan Joshi as co-founder and chief executive of its payments company in the run-up to its initial public offering ( IPO) plans.
Digital payments and financial services startup MobiKwik have appointed Chandan Joshi as co-founder and chief executive of its payments company in the run-up to its initial public offering ( IPO) plans.
With this appointment, MobiKwik said it has kickstarted its IPO 2022 campaign. It had previously said it is aiming to go public in 2022.
Joshi has been a member of the MobiKwik leadership team as senior vice president for over two years now.
“My journey with MobiKwik has been really satisfying so far-I joined in the aftermath of demonetization and my first assignment was organising the retail payments sector, then running e-commerce payments and finally developing all of the payments business. I’m sure we’ll be able to develop MobiKwik profitable together and take the business public, “Joshi said.
As CEO of the payments business, Joshi will take full ownership of the company’s flagship payments business which drives 75% of the revenues.
“It’s been awesome to see Chandan develop the Payments Company with tremendous passion and determination for the past 2.5 years. Chandan has shown all the right attributes we’re looking for in a business leader-he’s leading from the front, he’s investing in his staff, he’s tenacious in achieving business performance and closing big strategic deals. He has been a good growth engine for MobiKwik and we want him to partner with us as a co-founder in the company’s overall build-out, “said MobiKwik co-founder & CEO Bipin Preet Singh.
In 2019-20, the revenue of MobiKwik grew by 133 percent year-on-year to around 0,379 crores. It also lowered its Ebitda loss in FY20 by 60 percent to some 45 crores.
The startup now aims to become profitable by the end of FY21, as MobiKwik had told Mint in a July interview with Upasana Taku, the co-founder.
MobiKwik has three business lines — customer payments, financial services (which houses its solutions for digital lending, insurance, and mutual funds), and payment gateway.
MobiKwik is one of India’s top mobile wallets. It allows Indian consumers to store money in a virtual wallet and then uses it to pay utility bills via channels (mobile, web, browser, SMS, IVR) and shop using a wallet with registered merchants.
In 2009 Bipin Preet Singh and Upasana Taku formed MobiKwik. The digital wallet based in Gurugram claims to have more than 107 million users on its website, 3 million merchants, and 200 + billers.