Mobikwik elevates Chandan Joshi as co-founder to give momentum to its IPO

CIOReviewIndia Team | Wednesday, 16 September 2020, 04:42 IST

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In run-up to IPO, Mobikwik elevates Chandan Joshi as co-founder

MobiKwik has announced that Chandan Joshi would be made the co-founder and chief executive of its payments business to give momentum to its initial public offering (IPO) plans.  

Previously, MobiKwik had said that it would be planning to go public in 2022. But however, it has kickstarted its IPO 2022 campaign with this appointment. As senior vice president, Joshi was part of the MobiKwik leadership team for over two years now.

“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.

While Bipin Preet Singh, co-founder & CEO MobiKwik stated, “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." 

MobiKwik’s revenue grew 133% year-on-year to ₹379 crore in 2019-20. While reducing its Ebitda loss to ₹45 crore - which is about 60 percent - in FY20, MobiKwik’s revenue grew to ₹379 crore in 2019-20 - which is about 133% year-on-year. 

 
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