Indian digital payments platform Mobikwik has appointed Chandan Joshi, its Senior Vice President of Payments, as the third co-founder, joining the original founding team of Upasana Taku and Bipin Preet Singh.

Elevating Chandan Joshi

Chandan Joshi, who joined Mobikwik immediately after demonetisation, brings extensive experience to his new role. Previously, he worked as a financial trader in global markets with Credit Suisse in London & Hong Kong.

IPO Preparation

Joshi’s appointment as co-founder is strategically aimed at enhancing the financial performance of the startup and preparing it for an Initial Public Offering (IPO) in 2022. Despite operating at a loss, Mobikwik’s financial situation has shown significant improvement as it gears up for a potential listing.

Financial Outlook

Amidst the March lockdown, Mobikwik reported substantial figures, with a net revenue of ₹38 crore for the month. Currently, digital payments constitute 75% of its business.

Competitive Landscape

While Mobikwik continues to grow, it faces formidable competition in the payments sector from industry giants like Google Pay, Paytm, Razorpay, and PhonePe. The imminent entry of WhatsApp Pay presents another challenge for the 11-year-old startup.

User Base and Investments

According to its recent annual report, Mobikwik boasts 120 million users and 3 million retailers on its platform. Over the years, the startup has secured over $100 million in investments from prominent entities such as Sequoia Capital, Bajaj Finance, American Express, and Net1.