NEW DELHI: Fintech platform MobiKwik has promoted Chandan Joshi as the company’s co-founder and CEO, payments business.
Joshi has been part of the MobiKwik leadership team for the last 2.5 years as senior vice president, payments, managing all the payment businesses of the company. This is the first time the company has bestowed the co-founder title on anyone outside the original founding team.
Chandan is now the third co-Founder of MobiKwik in addition to Bipin Preet Singh and Upasana Taku. With this appointment, the fintech platform has kick started its IPO 2022 campaign.
As CEO payments business, Chandan he will take on complete ownership of the company’s flagship payments business which drives 75 per cent of the revenues. While he was already driving the business (sales, marketing, product, engineering) in his existing role, all functions in the Payments BU will now report into him.
Joshi 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 eCommerce 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.”
Singh says, “It has been fantastic seeing Chandan build the Payments Business for the past 2 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.”
Chandan’s professional journey so far has prepared him well for his role at MobiKwik. Chandan returned to India in 2015 and founded Paketts, an innovative last mile logistics service company. He successfully exited the business after Paketts was acquired by Nuvo Logistics (Peppertap) in 2017. Prior to being an entrepreneur, Chandan was a financial trader in global financial markets with Credit Suisse in London & Hong Kong. Chandan did his Engineering from IIT Delhi and his MBA from London Business School.
MobiKwik has reported strong financial results: net revenue growth of 133 per cent year over year to Rs 379 crores and cash EBITDA loss reduction of 91 per cent year over year to Rs 8.5 crores. In the report, the brand has spoken passionately about fulfilling a Billion Indian Dreams by making an everlasting impact on Bharat with our digital payment and fintech products. Having delivered three straight years of greater than 100 per cent revenue growth amid stiff competition, MobiKwik claims to have demonstrated strong execution and financial discipline.
