Online payments platform MobiKwik has elevated its Senior Vice President of Payments Chandan Joshi to be the third co-founder. Joshi, who became a part of MobiKwik right after demonetization, earlier worked as a financial trader in global markets with Credit Suisse in London and Hong Kong. Joshi’s promotion to be co-founder is focused on improving the financial performance of the startup and to get the company in shape for an Initial Public Offering (IPO) in 2022. The company’s financing has been said to be improving since it has been in the red zone for a significant period.
In lieu of the nationwide lockdown in March, the startup said it recorded huge numbers with net revenue of 38 crores for the month. Presently, digital payments drive 75% of its business.
It is not going to be a cakewalk for MobiKwik; since it faces tough competition in the payments sector from leaders like GPay, Paytm, Razorpay, PhonePe, and others. The entry of WhatsApp Pay will be another challenge for the 11-year-old startup.
The startup has raised over $100 million in investments from the likes of Sequoia Capital, Bajaj Finance, American Express, and Net1.