MobiKwik Company Profile

Background

Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik is a leading Indian financial technology company specializing in digital payments and financial services. The company's mission is to build world-class financial products for Bharat, aiming to democratize access to financial services for a billion Indians. MobiKwik offers a comprehensive suite of services, including mobile wallets, Buy Now Pay Later (BNPL) options, and wealth management products, serving over 172 million registered users and more than 4.5 million merchants as of March 31, 2024.

Key Strategic Focus

MobiKwik's strategic focus centers on providing accessible and user-friendly financial services to the underbanked population in India. The company emphasizes three core areas:

Consumer Payments: Offering a robust digital wallet that facilitates seamless transactions for daily needs, including utility bills, e-commerce shopping, and in-store purchases.

Buy Now Pay Later (BNPL): Through its flagship product, MobiKwik Zip, the company provides instant credit to users, enabling deferred payments across a vast merchant network.

Wealth Management: Introducing investment products like "Xtra" to empower users to participate confidently in India's growth story.

By leveraging big data analytics and machine learning, MobiKwik continuously innovates to enhance user experience and expand its market reach.

Financials and Funding

MobiKwik has demonstrated significant financial growth over the years:

Revenue: In FY24, the company reported a revenue of ₹890.3 crore, marking a 62% increase from ₹561.1 crore in FY23.

Profitability: Achieved a net profit of ₹14.1 crore in FY24, a substantial turnaround from a net loss of ₹83.8 crore in FY23.

The company's funding history includes:

Total Funds Raised: Approximately $269 million over 21 funding rounds.

Notable Investors: Sequoia Capital India, American Express Ventures, Bajaj Finance Limited, and Abu Dhabi Investment Authority.

Recent Funding: In August 2022, MobiKwik raised $35 million in debt funding from Blacksoil Capital to gear up for its IPO.

The capital has been utilized to expand the company's financial services, enhance payment solutions, and invest in data science and AI technologies.

Pipeline Development

MobiKwik continues to innovate and expand its product offerings:

MobiKwik Zip: The BNPL service has seen rapid adoption, with over 25 million pre-approved users and an active user base of 2.8 million.

Xtra: A peer-to-peer lending platform launched in partnership with Lendbox, allowing users to earn up to 12% annual interest by lending to high-credit customers.

The company plans to further develop these products and introduce new financial services to cater to the evolving needs of its user base.

Technological Platform and Innovation

MobiKwik's technological infrastructure is designed to handle high-volume transactions securely and efficiently:

Microservices Architecture: Allows for scalability and rapid deployment of new features.

MobiScore: A proprietary big-data scoring algorithm that assesses a user's creditworthiness using over 500 variables, enabling instant credit decisions within the app.

Security Measures: The company is PCI DSS and ISO 27001:2013 certified, conducts annual security audits, and maintains a Bug Bounty program to address vulnerabilities promptly.

Innovation: Introduction of "Pocket UPI," allowing users to make UPI payments using their wallet balance without linking a bank account.

Leadership Team

MobiKwik's leadership comprises experienced professionals:

Bipin Preet Singh: Co-Founder, MD & CEO. Holds a bachelor's degree in Electrical Engineering from IIT Delhi and has over 19 years of experience in technology and financial services.

Upasana Taku: Co-Founder, Executive Director & CFO. Holds a master's degree in Management Science and Engineering from Stanford University and has over 17 years of experience in products, payments, and financial services.

Chandan Joshi: Co-Founder & CEO - Consumer Payments. Holds a bachelor's degree in Textile Technology from IIT Delhi and an MBA from London Business School, with diverse experience in the financial industry and investment banking.

Leadership Changes

In recent years, MobiKwik has strengthened its leadership team:

Ankur Jaipuria: Appointed as CEO - Lending.

Mohit Narain: Appointed as COO - Consumer Payments.

These appointments reflect the company's focus on expanding its lending and consumer payment services.

Competitor Profile

Market Insights and Dynamics

India's digital payments market is experiencing rapid growth, with transaction values expected to more than double by fiscal 2028-29. The increasing adoption of smartphones and internet services, coupled with government initiatives promoting digital transactions, has created a fertile environment for fintech companies.