Bipin Preet Singh’s modest investment, he turned his company into a fintech giant that has redefined digital payments in India.
Bipin Preet Singh hails from Delhi and is an alumnus of IIT Delhi. After completing his education, he worked as a System Architect at Freescale Semiconductor, a tech firm. His corporate stint gave him the technical expertise and insights to pursue his entrepreneurial ambitions.
In the early 2000s, Singh noticed the rising penetration of mobile phones and internet usage in India. He thought of a digital payment solution that would ensure the security of users’ bank and card details during online transactions. While the idea was clear, the challenge was gathering the funds to start the business.
Launch Of MobiKwik In 2009
In 2009, Bipin used his entire life savings of Rs 8 lakh to launch MobiKwik. He rented a small office in Dwarka, Delhi, and initially offered prepaid recharge options for telecom providers. His wife played a pivotal role in supporting the business during its early days.
To cater to users without internet access, Singh introduced SMS-based recharge options, expanding MobiKwik’s reach.
MobiKwik Turning Point
Singh introduced the Pull Model, enabling users to recharge and access premium apps directly through MobiKwik. This innovation brought a significant shift for the platform. Major brands like PVR Cinemas and Café Coffee Day partnered with MobiKwik, boosting its credibility and growth.
By 2015, MobiKwik had achieved 15 million wallet users and did partnerships with 25,000 merchants.
A Fintech Giant Today
MobiKwik is now a prominent name in India’s fintech industry, offering services like mobile wallets, bill payments, and financial products. Key achievements include, annual revenue of Rs 890.32 crore and market Capitalization Rs 23,567 crore.
The platform continues to innovate and expand, solidifying its position in the competitive digital payments landscape.
Bipin Preet Singh, the founder and CEO of MobiKwik, transformed a small startup into one of India’s leading fintech companies. Starting with his life savings, Singh’s journey from a humble beginning to building a company with a market capitalization of ₹23,567 crore is nothing short of inspiring.