Working out of their modest Dwarka office, Bipin and his wife, Upasana Singh, focused on making MobiKwik easier and more convenient for users.
New Delhi: The meteoric rise of MobiKwik founder Bipin Preet Singh serves as a source of inspiration for aspiring entrepreneurs. Singh, who started a small company with his savings of Rs 8 lakh, is now the owner of one of the major fintech companies in India. Today, his company’s annual turnover is in hundreds of crores. Let’s delve into Bipin Preet Singh’s journey to success.
Bipin Preet Singh, who is an alumnus of IIT-Delhi, hails from Delhi. He worked as a System Architect at a tech firm called Freescale Semiconductor. In the late 2000s, Bipin Preet Singh observed the growing use of mobile internet in India.
He developed the idea of creating a digital payment solution that would safeguard users’ bank and card details during online transactions. However, despite having a strong idea for the startup, he lacked the necessary funds to bring it to life.
In the year 2009, Singh decided to invest his life savings of Rs 8 lakhs to the startup. He rented a small office in Dwarka, Delhi, and laid the foundation of MobiKwik. It was a fintech startup that provided prepaid recharge options for all telecom operators in India.
Working out of their modest Dwarka office, Bipin and his wife, Upasana Singh, focused on making MobiKwik easier and more convenient for users. Soon, they introduced an SMS-based recharge solution for users who did not have internet access.
During those days, traditional mobile services had certain limitations. To overcome these, Bipin decided to transform MobiKwik into a ‘pull’ model. This allowed users to directly access recharges and premium apps.
This new feature helped Bipin’s startup forge lucrative partnerships with major brands like PVR and Café Coffee Day. By 2015, MobiKwik had 15 million wallet users and 25,000 traders. However, a few years later, several new fintech startups and digital payment apps, backed by tech giants, began emerging rapidly in India.
Recognizing that competing with such institutions would be nearly impossible, Singh sought investors for Mobikwik. He sold a 10.83 percent stake to Bajaj Finance. This move turned out to be a masterstroke as Mobikwik’s user base grew to 100 million.
In 2024, after a decade and a half since its establishment, Mobikwik is one of India’s leading fintech companies. Its annual revenue stands at Rs 890.32 crore, reflecting a 58.67 percent growth from 2023. Today, Mobikwik’s market capitalization is Rs 23,567 crore. Meanwhile, Bipin and his wife Upasana’s combined net worth is estimated at ₹2,260 crore. Bipin Preet Singh’s story is an inspiration for those who have the courage to follow their dreams.