India: Mobikwik elevates Chandan Joshi as co-founder & CEO

Photo: Reuters

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

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.