MobiKwik, founded in 2009 by Bipin Preet Singh and Upasana Taku, has become a key player in India’s digital payment system. It is one of the largest mobile wallets in India, which securely allows you to store money and make easy online payments. Mobikwik also offers UPI transactions, and Buy Now Pay Later (BNPL) options, helping a diverse user base across the nation. Mobikwik has more than 160 million registered users and 4.25 million merchants as of 2024.
Dive into the inspiring MobiKwik Success Story and learn how it transformed digital payments in India, becoming a fintech giant with 160 million users and innovative features like UPI, BNPL, and more!
| Table of Contents |
| MobiKwik – Company Highlights |
| MobiKwik – Founders and Team |
| MobiKwik – Startup Story |
| MobiKwik – Business Model and Revenue Model |
| MobiKwik – Growth and Revenue |
| MobiKwik – Products and Features |
| MobiKwik – IPO |
| MobiKwik – Awards |
| MobiKwik- Future plans |
| MobiKwik: Company highlights |
| 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 |
| Market cap Rs 21,674 million |
MobiKwik Success Story- Founders and Team
IIT Delhi alumni Bipin Preet Singh, and his wife Upasana Taku are the founders of Mobikwik. The net worth of Mobikwik founders is ~Rs 2,260 crore.
Bipin Preet Singh
He is the managing director and CEO of Mobikwik and is an integral part of Mobikwik’s success. He has a bachelor’s degree in electrical engineering and 19 years of experience in financial services.
Upasana Taku
She is the co-founder and COO of Mobikwik. She has completed her master’s from Stanford University.
Chandan Joshi
After working for over 2 years, he secured the place as a co-founder and is the CEO of payments.
Apart from them, Mobikwik has some powerful people in positions like
Saurabh Jain- Vice president of finance
Vineet Bansal- Nominee Director
Anand Kumar- VP of corporate development.
MobiKwik – Startup Story
Bipin Preet Singh observed the rise of Internet and mobile usage in India and thought of creating a platform which would support secure digital payments. In 2009, he invested Rs 8 lakh from his savings and focused only on prepaid mobile recharges. To increase users from rural areas, they also launched an SMS-based recharge system, which played a major role in Mobikwik’s success.
Upasana Taku implementing her business strategies upgraded Mobikwik beyond mobile recharges. Finally, they positioned Mobikwik as a leading financial services platform which provides bill payments, UPI transactions, digital credit, insurance, and investment products.
MobiKwik – Business and Revenue Model
Mobikwik operates on a B2C model providing easy digital payments for users. It allows users to transfer money into the digital wallet using debit cards, credit cards, net banking and cash deposits. Once the money is transferred to the wallet, the user can easily use it to make online bill payments, mobile recharges, pay insurance premiums etc. Additionally, Mobikwik allows user-to-user transfers, through which users can easily send money to friends and family.
MobiKwik – Growth and Revenue
Mobikwik claims to have 160 million+ users and will partner with ~4.5 million merchants by 2024. It has 58.6% profits compared to last year, with Rs 890 Cr annual revenue in 2024. Mobikwik IPO received 120 times oversubscription of $4.7 billion on 13th Dec 2024.
MobiKwik – Products and Features
| Digital wallet Users can store money securely for various online transactions |
| UPI Transactions Easy peer-to-peer (P2P) money transfers. |
| Buy Now Pay Later (BNPL) Offers short-term credit to users for purchases. |
| Bill Payments and Recharges Hassle-free mobile recharges for all major operators. |
| MobiKwik ZIP Provides credit up to ₹30,000 for instant purchases. |
| Insurance Provides insurance for health, life, and personal accidents. |
| Investment Allows users to invest in mutual funds starting from ₹100. |
MobiKwik – IPO
On Dec 13, 2024, Mobikwik’s IPO received 120 times oversubscription with a bid worth $4.7 billion. This shows the strength of Mobikwik’s business model and rapid fintech growth in India. It will be listed in the stock market on Dec 18, 2024.
MobiKwik – Awards
Top 5 Awards Won by MobiKwik
· Digital Payment Award by Internet and Mobile Association of India (IAMAI)
· Superbrands India 2022-23
· Asia FinTech Awards
· Best Fintech Company at IAMAI India Digital Awards
· Economic Times Best Brand 2023
MobiKwik – Future plans
With the IPO launch this year, Mobikwik plans to expand into tier-2 and tier-3 cities and introduce AI-driven financial services. It aims to strengthen the merchant network and explore global markets.
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Wrapping Up
MobiKwik’s journey from a simple mobile recharge platform to one of India’s largest digital payment solutions is a testament to innovation, strategic vision, and adaptability. With 160 million users, a diverse range of services including UPI, BNPL, insurance, and investment options, MobiKwik is solidifying its position in the fintech space. As it eyes expansion into smaller cities and new markets, and with the IPO setting a strong foundation, MobiKwik’s future looks promising in the rapidly evolving digital payments landscape.
Frequently Asked Questions
Q1. When was MobiKwik founded?
Ans. MobiKwik was founded in 2009 by Bipin Preet Singh and Upasana Taku.
Q2. What services does MobiKwik offer?
Ans. MobiKwik offers services such as UPI transactions, digital wallets, Buy Now Pay Later (BNPL), bill payments, mobile recharges, insurance, and investment options.
Q3. How many users does MobiKwik have?
Ans. As of 2024, MobiKwik has over 160 million registered users.
Q4. What is MobiKwik’s revenue for 2024?
Ans. MobiKwik reported an annual revenue of ₹890 crore for 2024.
Q5. What are the future plans for MobiKwik?
Ans. MobiKwik plans to expand into tier-2 and tier-3 cities, introduce AI-driven financial services, and strengthen its merchant network while exploring global markets.
