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MobiKwik Starts IPO Prep: Elevates SVP Payments Chandan Joshi To Cofounder
The company had reported strong financial results: net revenue growth of 133% year on year to ₹379 crores and Cash EBITDA loss reduction of 91% year over year to ₹8.5 crores.
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India’s leading Fintech platform, MobiKwik today announced that it has promoted Chandan Joshi as company’s Cofounder and CEO, Payments business. Chandan 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 Cofounder title on anyone outside the original Founding team. The company has kickstarted its IPO 2022 campaign with this major appointment.
In its recently published FY2020 Annual Report, the company had reported strong financial results: net revenue growth of 133% year on year to ₹379 crores and Cash EBITDA loss reduction of 91% year over year to ₹8.5 crores. In the report, Team MobiKwik had spoken passionately about fulfilling a Billion Indian Dreams by making an everlasting impact on Bharat with its digital payment and fintech products. Having delivered three straight years of greater than 100% revenue growth amid stiff competition, the company has demonstrated strong execution and financial discipline. As a first step to preparing the company for IPO, the company has started organizing its top deck with this appointment.
Speaking on the announcement, Bipin Preet Singh, Cofounder & CEO MobiKwik said, “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 Cofounder 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.
Speaking on the announcement, Chandan Joshi, Cofounder MobiKwik 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.”
As CEO of Payments Business, Chandan will take on complete ownership of the company’s flagship Payments Business which drives 75% 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. As Cofounder, Chandan will join Bipin and Upasana in setting the internal work ethos & momentum, organizing teams better for faster delivery, improving fiscal performance and getting the company in shape for IPO in 2022.