In 2009, when digital payments in India were still in their infancy, Bipin Preet Singh and Upasana Taku saw the future. With an initial investment of just ₹8 lakh, they launched MobiKwik—a simple prepaid mobile recharge platform. Fast forward to 2024, MobiKwik has grown into one of India’s leading fintech companies, serving over 160 million users and 4.25 million merchants. The platform now offers UPI, Buy Now Pay Later (BNPL), insurance, and investment services—redefining how Indians manage money digitally.
Founders and Leadership Team
Bipin Preet Singh, an IIT Delhi graduate, serves as MobiKwik’s Managing Director and CEO. His wife, Upasana Taku, a Stanford University alumna, is the Co-founder and COO. Together, they laid the foundation for one of India's most trusted digital wallets. In 2020, Chandan Joshi joined as Co-founder and CEO of Payments. The leadership team also includes Saurabh Jain (VP - Finance), Vineet Bansal (Nominee Director), and Anand Kumar (VP - Corporate Development).
MobiKwik Startup Story
The inspiration behind MobiKwik stemmed from the growing demand for mobile-based services. Initially offering only prepaid mobile recharges, MobiKwik later rolled out an SMS-based recharge system to expand in rural India. With Upasana’s sharp business strategies, MobiKwik quickly grew beyond recharges, becoming a comprehensive financial services platform offering digital credit, bill payments, insurance, and UPI transactions.
Business Model and Monetization
MobiKwik operates on a B2C model. Users can load money into their wallets through various methods and use it to make seamless payments. Revenue streams include:
- Transaction and service fees
- Commissions from insurance and investments
- Interest from BNPL and credit offerings
- Merchant and platform integration fees
Its diverse offerings help generate consistent income while maintaining user trust and scalability.
Products and Services
- Digital Wallet: Secure and fast transactions for online shopping, recharges, and bill payments.
- UPI Payments: Instant peer-to-peer transactions using UPI IDs.
- MobiKwik ZIP (BNPL): Short-term credit of up to ₹30,000 for instant shopping.
- Bill Payments & Recharges: Electricity, water, DTH, mobile—everything in one place.
- Insurance: Affordable plans for health, life, and accidents.
- Investments: Mutual fund investments starting at just ₹100.
Revenue and Growth
By 2024, MobiKwik recorded ₹890 crore in annual revenue—a 58.6% jump over the previous year. With 160 million users and partnerships with 4.25 million merchants, the brand has a stronghold in India’s tier-1 and tier-2 cities. MobiKwik’s recent IPO was a huge success, receiving 120x oversubscription with $4.7 billion in bids.
MobiKwik IPO and Market Valuation
On December 13, 2024, MobiKwik’s IPO hit the markets and was oversubscribed by 120 times. It marked a significant milestone for the company, reflecting investor confidence in its fintech roadmap. The IPO listing on December 18 positioned MobiKwik with a market capitalization of ₹21,674 million.
Awards and Recognition
- Digital Payment Award by IAMAI
- Superbrands India 2022–23
- Asia FinTech Awards
- Best Fintech Company by India Digital Awards
- Economic Times Best Brand 2023
These awards highlight MobiKwik’s innovation and credibility in India’s digital payment landscape.
Future Plans and Vision
MobiKwik aims to deepen its presence in tier-2 and tier-3 cities, reaching underserved markets. The company is investing in AI-driven financial products, expanding insurance and investment offerings, and enhancing credit solutions like BNPL. It also has its eyes on global expansion and strengthening merchant partnerships.
Wrapping Up
MobiKwik’s journey from a recharge app to a complete fintech powerhouse shows the power of vision, user focus, and resilience. With a robust ecosystem of digital payments, credit, insurance, and investments, MobiKwik is at the forefront of India’s fintech evolution. Its success story inspires countless entrepreneurs and proves how innovation can shape the financial future of a nation.
Frequently Asked Questions (FAQs)
Q1. When was MobiKwik founded?
MobiKwik was founded in 2009 by Bipin Preet Singh and Upasana Taku.
Q2. What services does MobiKwik offer?
MobiKwik offers UPI, digital wallet services, BNPL, insurance, bill payments, recharges, and investment options.
Q3. How many users does MobiKwik have as of 2024?
MobiKwik has over 160 million registered users and serves 4.25 million merchants.
Q4. What is MobiKwik’s annual revenue in 2024?
MobiKwik reported ₹890 crore in revenue for the fiscal year 2024.
Q5. What are MobiKwik’s future plans?
MobiKwik plans to expand into smaller Indian cities, introduce AI-powered financial services, and explore global markets.