MobiKwik Joins IPO Queue
After PhonePe, Paytm and Zomato, an indigenous fintech company MobiKwik has now divulged its plan to go in for Initial Public Offerings by 2022. The company also announced elevating its SVP Chandan Joshi as Co-Founder, who joins the original founding team – Bipin Preet Singh and Upasana Taku – the duo that incepted the company in 2009. MobiKwik provides mobile phone based payment solutions and a digital wallet.
Indian companies over the last few months have been quite perceptive about their IPO plans, and the overwhelming response for Happiest Minds’ IPO has only fueled these plans. Regarding its IPO plans, MobiKwik wrote in a statement, “Having delivered three straight years of greater than 100% revenue growth amid stiff competition, we have demonstrated strong execution and financial discipline. As a first step to preparing the company for IPO, we have started organizing our top deck with this appointment.”
An IIT Delhi alumnus Chandan was well exposed to global financial markets with Credit Suisse in London & Hong Kong, before his current role as an entrepreneur. Commenting on the occasion, he said, “My journey with MobiKwik so far has been very fulfilling – I joined in the aftermath of Demonetization and my first assignment was organizing the retail payments business, then to run e-Commerce payments and finally to grow all of the Payments business.”
“The team and culture at MobiKwik have been a good fit for me. I share a good rapport with Upasana and Bipin and share their vision of delivering on the Digital Credit Card opportunity. I am confident that together we will be able to profitably grow MobiKwik and take the company public,” Chandan concluded.