MobiKwik elevates Chandan Joshi as co-founder and CEO of payments business
Fintech platform MobiKwik on Tuesday said it has promoted Chandan Joshi as the co-founder and CEO (Chief Executive Officer) of the company's payments business.
Joshi has been part of the MobiKwik leadership team for the last 2.5 years as senior vice president, payments, a statement said.
"This is the first time the company has bestowed the co-founder title on anyone outside the original founding team. The company has kickstarted its IPO 2022 campaign with this major appointment," it added.
Previously, Joshi had founded Paketts, a last-mile logistics service company, and exited the business after Paketts was acquired by Nuvo Logistics (Peppertap) in 2017. Prior to being an entrepreneur, Chandan was a financial trader in global financial markets with Credit Suisse in London and Hong Kong.
MobiKwik co-founder and CEO, Bipin Preet Singh, said:
"Chandan has demonstrated all the right traits that we look for in a business leader - he leads from the front, is invested in his teams, is tenacious in driving business results and in closing large strategic deals. He has been a strong growth driver for MobiKwik and we want him to partner with us as a co-founder in the overall build-out of the company."
In its recently published financial year 2020 annual report, the company had reported net revenue growth of 133 percent year-on-year to Rs 379 crore, and cash EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) loss reduction of 91 percent y-o-y to Rs 8.5 crore.
"My journey with MobiKwik so far has been very fulfilling - I joined in the aftermath of demonetisation and my first assignment was organising the retail payments business, then to run ecommerce payments and finally to grow all of the Payments business...I am confident that together we will be able to profitably grow MobiKwik and take the company public," Joshi said.
As CEO of the Payments business, Joshi will take on complete ownership of the company's flagship Payments Business which drives 75 percent of the revenues. While he was already driving the business (Sales, Marketing, Product, Engineering) in his existing role, all functions in the payments business unit will now report into him, the statement said.
MobiKwik has two business verticals - payments and fintech (includes credit and insurance).
Bipin Preet Singh is the CEO of the overall business.