Digital payments and financial services startup MobiKwik elevated Chandan Joshi as co-founder and chief executive of its payments business in a run up to its initial public offering (IPO) plans.
MobiKwik said that it has kickstarted its IPO 2022 campaign with this appointment. It had earlier said that it plans to go public in 2022.
Joshi was part of the MobiKwik leadership team for over two years now as senior vice president.
“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. I am confident that together we will be able to profitably grow MobiKwik and take the company public,” Joshi said.
As CEO of the payments business, Joshi will take on complete ownership of the company’s flagship payments business which drives 75% of the revenues.
“It has been fantastic seeing Chandan build the Payments Business for the past 2.5 years with amazing zeal and conviction. Chandan has demonstrated all the right traits that we look for in a business leader – he leads from the front, is invested in his teams, is tenacious in driving business results and in closing large strategic deals. He has been a strong growth driver for MobiKwik and we want him to partner with us as a co-founder in the overall build-out of the company,” said Bipin Preet Singh, co-founder & CEO MobiKwik.
MobiKwik’s revenue grew 133% year-on-year to ₹379 crore in 2019-20. It also reduced its Ebitda loss by 60% to ₹45 crore in FY20.
The startup now aims to become profitable by the end of FY21, Upasana Taku, co-founder, MobiKwik had told Mint in an interview in July.
MobiKwik has three business lines — consumer payments, financial services (which houses its digital lending, insurance and mutual fund offerings) and payment gateway.
This article was first published on livemint.com