Table of Contents
MobiKwik-success-story- Bio, facts, Net worth, Business, Income, Growth, Investments, Challenges Faced. Personal life.
Mobile wallet uses and digital transactions are now commonplace. The ability to make simple, hassle-free payments without constantly looking for change when making purchases is one of the main advantages of utilizing a mobile wallet. MobiKwik is one of the original Indian mobile wallet companies that has carved out a position for itself in spite of the fierce rivalry in the industry, despite the fact that many foreign players are currently offering mobile wallet services in India. MobiKwik, which was founded by Bipin Preet Singh and Upasana Taku, a husband-and-wife team, has a unicorn valuation and plans to go public shortly.
What is MobiKwik and How Does It Operate?
One of the biggest mobile wallets in India, MobiKwik, will render personal wallets obsolete. Indian customers can use it to keep money in a virtual wallet, which they can subsequently use to pay for utilities and make purchases using any channel (mobile, desktop, tab, SMS, IVR).
As a user, you could, for instance, use it to pay for pizza with an app on your phone or reload your smartphone using its Android, iOS, BlackBerry, or Windows app. You could also use it to purchase bus tickets on any well-known bus booking website. The Reserve Bank of India has authorized this prepaid financial product.
In 2009, Bipin Preet Singh and Upasana Taku established MobiKwik. Over 107 million customers, 3 million merchants, and more than 200 billers are reportedly present on the Gurugram-based digital wallet's platform.
MobiKwik is really secure. Your wallet has all of your pennies in one place. Additionally, you can make advantage of the additional in-app security options that are accessible on any mobile device it works with. These are Windows, iOS, and Android. A desktop website and a mobile website are also accessible through all of the app's services. Also, the user interface (UI) is kept basic to ensure a seamless experience for users.
MobiKwik entered the offline market by enabling mobile payments for numerous physical retailers, including Big Bazaar, Domino's Pizza, and many more. It acquired the coveted Prepaid Payment Instrument license from the Reserve Bank of India on 18 July 2013. Additionally, the RBI has given the business in-principle clearance to establish a Bharat Bill Payments Operating Unit (BBPOU), which would allow customers in both urban and rural areas of India to pay their utility and convenience bills using the MobiKwik wallet
The startup's first offering was a website with a closed wallet feature, but over time, MobiKwik expanded to include mobile apps. It has evolved into a full-stack fintech business today. In addition to taking out loans, one can make bank transfers. The organization has tie-ups with NBFCs like Bajaj Finance, Aditya Birla, and DMI Finance.
It offers a wide range of loan choices, including credit lines, term loans, and fast 3-minute loans. In addition, it provides a number of other insurance products, including hospital cash, dengue insurance, online fraud protection, and so on. It has also partnered with ICICI Lombard for accidental insurance.
With over 60 banks offering online banking, numerous verification levels on debit and credit cards, and an overall convoluted electronic payment experience for the customer, India's payments business is fragmented. With a 1-click payment flow that operates consistently on your PC, tablet, and phone, Mobikwik wallet payment solutions make all of that simpler.
As a user, all you have to do is trust it with your money, and you may shop at any merchant without giving your bank or card information. You may expect to receive exclusive discounts and offers whenever you use the wallet. You may also earn money by recommending a friend to the site via the app. MobiKwik is undoubtedly here to stay, with the company expanding into new industries and amassing a massive user base. The company has great plans for the future as well.
Bipin Preet Singh and Upasana Taku established MobiKwik.
Vijay Shankar, Shan Krishnasamy, and Girish Mathrubootham established Freshworks. In 2010, it was established in Chennai.
Bipin Preet Singh
Bipin Preet Singh, the Founder and CEO of MobiKwik, has worn several hats, from developing Java to Customer Support and Marketing. In 2002, he received his BTech in Electrical Engineering from IIT Delhi. He worked for Intel, Nvidia, and Freescale Semiconductors for seven years after graduation before launching his own company. As a Star Auto Partner, he dabbled in advertising, and as a Janagraaha volunteer, he dabbled in social activity.
One of the co-founders of MobiKwik is Upasana Taku. After earning her Btech in Industrial Engineering from NIT Jalandhar, Taku went on to Stanford University to earn her MS in Management Science and Engineering. Upasana began her career at HSBC as a business analyst before moving on to Paypal as a senior product manager. She is currently the co-founder and chief operating officer of MobiKwik and the co-founder of Zaakpay. Before Taku was able to fulfill her goals of becoming an entrepreneur, she worked as a consultant for several companies.
As a senior product manager for PayPal, an eBay company, in Silicon Valley, and formerly with HSBC in San Diego, Bipin has a solid background in payments. Her engineering degrees are from NIT Jalandhar for a bachelor's degree and Stanford University for a master's in management science. At the end of October 2018, the company named Bikram Bir Singh the Mobikwik Business Head. Singh did, however, depart the business in August 2019.
Mr. Chandan Joshi
Chandan Joshi, a member of MobiKwik's senior leadership team for more than two years, has been appointed to Co-founder in September 2020. Joshi started up in Credit Suisse as an Associate Trader. After a while, he started Packetts, which he sold to Nuvo Logistics after about a year as CEO. Before Nuvo was once more acquired by Shadowfax, Joshi served as the company's business head for logistics for a year. Joshi is currently the co-founder and CEO of Payments at MobiKwik, having previously served as the business head and vice president of online and offline merchants.
Daman Soni was appointed as Mobikwik's Vice President of Marketing and User Growth for Digital Payments in October 2018. In December 2016, Soni became a member of Mobikwik and departed on June 11, 2018, joining the ranks of Vineet Singh, Rukaiya Rangwala, Vivek Sinha, and others.
MobiKwik has about 127 million registered users and employs over 800 people.
"To build a world-class payments and credit product for Bharat!" is MobiKwik's stated objective.
The mission statement for the startup in 2009 said, "Transforming the digital payments landscape in India."
MobiKwik is a mobile-first digital payments company that provides customers with efficient digital wallets as a viable replacement for their carry-around conventional wallets.
"Discover MobiKwik Wallet - The easiest way to pay!" is the new tagline for MobiKwik.
Singh launched MobiKwik in 2009 as a way to pursue a new endeavor after growing dissatisfied with his laid-back corporate position. His goal was to develop a user-friendly payment system that would allow prepaid phone customers to replenish their funds. He built a digital wallet where customers could store the money and recharge whenever they wanted, as recharge is a modest ticket-sized transaction.
He created the website and payment methods, rented office space in Dwarka, Delhi, and seeded the business with $250,000 of his own money. MobiKwik started off as a website with a closed wallet feature, but over time it expanded to include mobile apps. In 2012, the business released its Android app.
Similar to other digital payments companies, MobiKwik bases its business model on peer-to-peer transactions conducted through its application.
Mobikwik makes money through commissions on each transaction, business partnerships, and the placement of adverts that they deem appropriate for their app. Moreover, MobiKwik makes fee-based revenues by cross-selling mutual fund and insurance products.
Currently, MobiKwik receives 50% of its revenue from the distribution of digital credit products and the remaining 50% from its payment services.