7 hours Ago By Shivam Verma
A LinkedIn post has shared the inspiring story of Bipin Preet Singh, the founder and CEO of Mobikwik, who transformed a small startup into a leading fintech company. Singh, an IIT Delhi alumnus, started his career as a system architect at Freescale Semiconductor, where he noticed the rapid rise of internet and mobile usage in India. This motivated him to create a payment solution that would protect users' bank and card details during online transactions.
In 2009, Singh took a leap of faith, using Rs 8 lakh from his savings to start Mobikwik. Renting a small office in Dwarka, Delhi, Singh and his wife, Upasana, began by offering prepaid recharge options for all telecom operators in India. To make Mobikwik accessible even without the internet, they introduced an SMS-based recharge system.
Recognizing the limitations of traditional mobile services, Singh shifted Mobikwik to a 'pull' model, empowering users to access recharges, offers, and premium apps directly. This innovation helped Mobikwik attract partnerships with brands like PVR and Café Coffee Day, and by 2015, the company had grown to 15 million wallet users and 25,000 merchants. In 2017, with the entrance of Paytm and Google Pay intensifying competition, Singh sought strategic backing.
Bajaj Finance stepped in, acquiring a 10.83% stake in Mobikwik for Rs 225 crore. This investment spurred Mobikwik’s growth to 100 million users, with transactions reaching $2 billion annually.
According to reports, today, Mobikwik stands as a profitable fintech giant, recording a total income of Rs 890.32 crores in 2024, marking a 58.67% increase from the previous year.
According to Upasana Taku, Mobikwik’s co-founder and CFO, the company has expanded its reach across smaller towns and cities, where digital adoption is on the rise..
