With razor-sharp focus on triple-digit growth, MobiKwik ropes in fintech veteran Mukul Saxena.
– Mukul will lead the company’s Financial Services and Zaakpay (Payment Gateway) businesses.
– Recognized among the ‘Top 50 Payments Professionals of India’, Mukul Saxena is a banking and fintech industry veteran with over two decades of experience.
MobiKwik, the largest digital credit player and the second largest mobile wallet in India, today announced the appointment of Mukul Saxena as CEO of its Financial Services and Zaakpay business units. Mukul is a seasoned banker with over two decades of experience in digital payments and fintech. He has been at the forefront of the “Cash to Digital” growth story of India and the Middle East. Most recently, Mukul was Executive Vice President and Head of the Payments Business at IndusInd Bank Ltd. He has extensive knowledge and expertise in new-age payment methods such as UPI, Wallet, Aadhar Pay and Cards, and has been recognized among the “Top 50 Payments Professionals of India”. In his new role at MobiKwik, he will help the company scale its Financial Services and Payment Gateway businesses.
Mobikwik is transforming into a full-service neobank, offering payment, credit and investment products to its 127Mn users and 3.7Mn merchants. Having achieved profitability in the last two quarters, a rarity in the payments industry, the company is looking to expand its leadership team. The company ended the financial year 2022 with INR 5.4 bn in revenue, recording 80% YoY growth, setting itself apart from all its peers.
Commenting on the announcement, Bipin Preet Singh, Co-founder, Managing Director, and CEO, MobiKwik, said, “Digital distribution of Financial Services has been key to our rapid and profitable growth for the last few years. We are delighted to welcome Mukul to the MobiKwik family and are confident that he will lead the Financial Services and Payment Gateway businesses to new heights. His experience in the fintech industry is unparalleled. We are excited to have him on board and see him propel MobiKwik into the next orbit of growth with his excellent leadership skills and in-depth understanding of the business. Mukul joins us at a very strategic time; he has a flair for connecting the dots and seeing the big picture, allowing us to move exponentially towards our long-term objective of transforming into a full-service neobank.”
Prior to joining MobiKwik, Mukul was the Executive Vice President and Head of the Payments Business at the IndusInd Bank. In his tenure spanning over a decade, Mukul was heading the Payments Product and Business team with P&L ownership for all Cards & Payments Businesses, including Debit Cards, Prepaid Cards, and Merchant Acquisition. He also led partnerships with fintech and large e-com merchants and created an engagement framework by sharing APIs, Toolkits and Sandbox. He led large teams across geographies and functions during his tenure at the Bank. He was responsible for designing and executing strategies for driving Organic and Partnership based Payments business with INR 1000 Crores annual P&L and a 20 mn customer base. Mukul has also worked with world-renowned banks and organizations such as ABN AMRO Bank & SABB (HSBC, Saudi Arabia).
Speaking on his appointment, Mukul Saxena, CEO, Financial Services and Zaakpay at MobiKwik, said, “Being from the payments industry, I have closely observed MobiKwik’s growth over the past few years, and it has been inspiring to witness how they have braved the odds and created a fintech legacy. As part of team MobiKwik, I will endeavour to further the company’s mission to ensure last-mile delivery of financial services across Bharat to empower millions of Indians.”
**PS – Annexure 1 for details on Mobikwik
Disclaimer: ONE MOBIKWIK SYSTEMS LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its Equity Shares and has filed a draft red herring prospectus dated July 12, 2021 (“DRHP”) with the Securities and Exchange Board of India (“SEBI”) on July 12, 2021. The DRHP shall be available on the website of SEBI at www.sebi.gov.in, websites of the Stock Exchanges i.e. BSE and NSE at www.bseindia.com and www.nseindia.com,respectively, and is available on the websites of the BRLMs i.e. ICICI Securities Limited, BNP Paribas, Credit Suisse Securities (India) Private Limited, IIFL Securities Limited and Jefferies India Private Limited at www.icicisecurities.com, www.bnpparibas.co.in, https://www.credit-suisse.com/
The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any other applicable law of the United States and, unless so registered, may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, the Equity Shares are being offered and sold (a) in the United States only to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the U.S. Securities Act) in transactions exempt from the registration requirements of the U.S. Securities Act, and (b) outside the United States in offshore transactions as defined in and in compliance with Regulation S and the applicable laws of the jurisdiction where those offers and sales are made. There will be no public offering in the United States.
MobiKwik is the largest digital credit player and the second largest mobile wallet in India. We have expanded our suite of financial products for consumers and merchants from payments to digital credit and investments. Our mission is to build a world-class neobanking platform for Bharat!
Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik today has 127 million registered users who can make payments for all their daily life needs, including utility bills, eCommerce shopping, food delivery, and shopping at large retail chains, mom & pop (Kirana) stores, etc. across a 3.7 million strong merchant network.
With credit card penetration in India at an abysmal 3.5%, we launched digital credit in 2018 with an aim to address the credit needs of a large and growing base of digitally savvy users. With 30 million credit pre-approved users, MobiKwik is focused on providing this unserved Indian population with their first experience of credit.
MobiKwik is a fast-growing scaled fintech which turned profitable in 2021 (2 profitable quarters Q3 and Q4 FY22), setting itself apart from all its peers. It ended the financial year 2022 with INR 5.4 bn in revenue, recording 80% YoY growth.