Mobile phone-based payment system and digital wallet, MobiKwik elevated Chandan Joshi as Co-Founder and Chief Executive of its payments business in a run-up for its Initial Public Offering (IPO) plans.
MobiKwik said that it has kickstarted for its IPO 2022 campaign with the appointment of Joshi. Earlier, it had reported that the startup is planning to go public in 2022. Joshi has been part of the MobiKwik leadership team for over two years and now as a Senior Vice President. As CEO of digital payment business, Joshi will take complete ownership of MobiKwik’s flagship payments business which drives 75% of the company’s revenue.
“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 Co-Founder & CEO of MobiKwik, Bipin Preet Singh.
MobiKwik’s revenue has grown by 133% on a year-on-year basis to Rs 379 crore in the FY20. It’sIt’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) loss reduced by 60% to Rs 45 crore in FY20. It also aims to become profitable by the end of FY21. The startup has its three business lines: consumer payments, financial services and payment gateway.