Bipin Preet Singh
Bipin Preet Singh has labored on several chip layout industries consisting of an awful lot tech-tempting Intel and after 7 years of studies and mastering he had launched into the concept of Mobikwik. Mobikwik CEO Bipin Preet Singh age is 35 years currently.
He’s born to a Punjabi circle of relatives and Bipin Preet Singh education has been achieved from the distinguished Indian Institute of technology, Delhi.
The business enterprise broke even in 2013; and these days with over 17 Million users and 50,000 merchants (outlets) and 20,000 traders (on line), One MobiKwik systems private restricted, the parent business enterprise of MobiKwik has long gone directly to emerge as India’s leading mobile wallet organization.
Its offerings now also encompass – cell recharge, Postpaid invoice payment, on line DTH recharge, life coverage, energy, landline and fuel, and so forth. MobiKwik wallet more than a few reputed manufacturers as their esteemed customers such as – Café coffee Day, Jabong, Domino’s Pizza, Snapdeal, Pizza Hut, PVR, TastyKhana , ShopClues, JustEat, eBayand so forth.
In contrast to maximum competitors or other net-based totally businesses, they are increasing from the digital international to the brick and mortar stores to growth insurance of its cell wallet.
Around the identical time in 2010, Bipin got here across Upasana Taku who becomes an Engineer from the countrywide Institute of generation in Jalandhar and a Masters in control science from the Stanford University. Moving upwards on the ladder, Upasana had additionally worked at Paypal in San Jose, HSBC in San Diego, Drishtee – a social agency, and ultimately a social media company, and 2020 Social. However for some purpose, she too didn’t sense content material with what she become doing. This is whilst she introduced to Bipin.
Upasana being considered as a begin-up enabler, who geared toward simplifying online bills in India, seemed to be ideal healthy for MobiKwik. Subsequently, she changed into taken onboard as a director and companion at MobiKwik in February 2010.
Her awareness at MobiKwik pockets turned into to take their product to hundreds of thousands of retailers, financial institution partnerships, and skills acquisition. At MobiKwik, she observed that slow-moving or failed payments had been a huge trouble for not just them but for the E-commerce sector as a whole.
Even after having a fast-paced humongous growth of e-trade transactions within the united states of America, gradual-moving payment gateways had been considered one of the most important ache-factors pulling back the world altogether. sure, there had been many picks for these gamers inclusive of Banks, CCAvenue, PayPal and EBS, however due to the fact those have been big players, all of them had both excessive signal-up costs or inferior era, or both.
For this reason, in try to bridge this hole, both Upasana and Bipin decided to soak up the venture, and started brainstorming for a solution.
Collectively, they chipped in Rs. 25 lakhs from their wallet, hired two human beings, commenced growing an extra state-of-the-art and released payment gateway Zaakpay in September 2010.
How is Mobikwik different from Others
In step with Bipin, Paytm is ordinarily targeted on making it in the digital markets space. He offers credit to Airtel money as it was one of the first cellular wallets in India. Airtel money became successful within the domestic remittance space but no longer as a cellular pockets carrier provider. Bipin take into account Zipcash to be a white label app and cash on cellular operates in B2B space and now not B2C. MobiKwik enterprise model is such that the generally purchaser orientated semi-closed wallet and they don’t see their competitors on this space. so they have labeled Mobikwik as “India’s first mobile wallet for consumer.”
All About the Mobikwik Challenges and Solutions
To hold competition at bay, Bipin recognize that there’s a constant need to do R&D. that is an area of subject for them; they need to do extra R&D in an effort to want extra funding coming in. They’re also open to elevate budget from Indian investors that can be used to hire high-quality talent and also enhance our R&D efforts.
Business Model Scaling Up
MobiKwik have constructed a self-maintaining version, hired experts in the subject, generated revenues and have hired greater experts. That is the model which is in motion for the reason that inception of Mobikwik which has labored and that they plan to continue the same. Mobikwik has also seen a growth of 10x due to the fact 2010 and we’re capable of sustain the increase. They are optimistic that the same fashion will hold in 2014. If this does occur, Bipin don’t see a need for even external capital for them to grow.
Speaking approximately their funding; aside from their non-public investments MobiKwik & Zaakpay has raised a complete of $30.3 Million to this point, from consumers like Tree Line Asia, American express, Cisco Investments and Sequoia Capital.
In 2014, MobiKwik won the mBillionth Award South Asia inside the category of mobile business