Founder Carol Realini and Board Promote President In Recognition Of Tremendous Company Growth and Expectation of Significant Expansion
Obopay, a leading mobile banking and payment provider, today announced the promotion of its President, Deepak Chandnani as CEO of Obopay, Inc. Founder and CEO, Carol Realini will assume the new role of Executive Chairman. In his new role, Chandnani will focus on the company's significant growth in size and geographic scope, while Realini will continue her focus on corporate strategy as well as furthering Obopay's corporate vision: evangelizing the need for mobile money and building its widespread adoption throughout the world.
Chandnani will be based out of Obopay's Corporate Office in Mumbai, India, while Realini will be based out of Obopay's Corporate Office in Redwood City, CA. Having Obopay's two most senior executives based in different corporate headquarters reflects the true global nature of Obopay's business.
"Over the last two years, Obopay has shaped and led the way for the mobile banking and payments space globally", said Realini, speaking on Chandnani's promotion. "Our revenue has doubled over last year and we expect it to do the same in 2011. Deepak has clearly demonstrated that he can scale the company as we continue our growth around the world," she added. "This promotion recognizes Deepak's immense contribution as well as fulfills a need for an expanded and experienced management team as we move forward."
"Naturally, I am very pleased with our growth this year," Chandnani commented. "But the mobile payments industry is not anywhere near its potential. At Obopay, we have laid the ground work through partnerships with market making global brands; an unparalleled understanding of local regulatory processes; and products that are meeting the demands in India, Africa and the U.S. Now, I am looking forward to leveraging these advantages into dramatic returns for the company".
"Carol and I have a strong partnership that complements each other's capabilities," Chandnani added. "This has resulted in the company's success as a pioneer serving the cause of financial inclusion as well as the goal of enhanced financial services across diverse global markets."
Chandnani, who was appointed President in May of last year, doubled the company's year-over-year revenue through growth in business across US, parts of Africa and India. While sustaining the focus of the Company in its home market, the United States, Deepak has spearheaded Obopay's expansion into North and East Africa as well as positioned the Company for expansion into parts of Europe. He has been instrumental in launching of the Obopay service in India. Under his leadership, the Obopay team has continued forging partnerships and growing these across the globe. Notable amongst these are Nokia, Union Bank of India, Yes Bank, Societe General, Essar, MasterCard, FIS Global and the STAR network. The Obopay team has in the last two years, built a world-class payment platform for mobile payments that is supported by best-in-class processes that has received acceptance from customers and regulators around the world.
Realini has become a significant thought leader and recognized international expert in mobile money since she founded Obopay over five years ago. Her promotion of mobile money across developed and developing markets has been recognized by leading organizations and she has presented to world business and political leaders at events including those hosted by the U.S. State Department, the World Economic Forum, and the Gates Foundation among others. Her visibility and outreach will continue to build significant strategic relationships between Obopay, senior financial leaders, telecommunications executives, and government officials.
Prior to joining Obopay, Chandnani was the CEO of Wire and Wireless in India and before that served as the Managing Director for NCR in India. Earlier assignments included roles with Yahoo, where he established Yahoo's first office in India, and at Citibank, where he played key roles as Marketing Director for India and Business Head of the innovative Citibank Suvidha liability business in India, HLL, and included an entrepreneurial stint that provided Chandnani with key insights into the challenges and opportunities of small, emerging growth companies.
An Economics honors graduate from St Stephens College, Delhi, Chandnani holds a MBA from the Indian Institute of Management, Ahmedabad (IIM- A).
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