Startup Originals Team
MobiKwik has carved out a remarkable space in the Indian fintech landscape. Founded in 2009 by Bipin Preet Singh and Upasana Taku, this Gurugram-based company has grown from a modest startup into one of India’s largest digital wallet platforms, empowering millions with seamless payments and financial services. At its heart lies a vision: making digital payments accessible, trusted, and convenient for every Indian.
Founders’ Vision and Early Days:
Bipin Preet Singh and Upasana Taku: The Pioneering Duo
Bipin Preet Singh, an IIT Delhi graduate, and Upasana Taku, a Stanford alumnus with global fintech experience, left secure jobs to launch MobiKwik. Starting out with only their personal savings, two laptops, and a dining table for an office, their initial service was a closed wallet website for mobile recharges-a bold move at a time when digital payments were almost unheard of in India.
Evolution and Expansion:
From Mobile Recharge to Fintech Disruptor:
MobiKwik started by targeting mobile recharges, gradually expanding to utility bill payments, shopping, and more. Their breakthrough came with the launch of a digital wallet system in 2012, authorized by the Reserve Bank of India in 2013. As trust in digital payments grew, so did MobiKwik’s popularity.
- By 2015, the company boasted millions of users and partnered with online merchants, making its wallet a popular payment option on e-commerce sites.
- In response to market demand, MobiKwik added features like sending/receiving money, Buy Now Pay Later (BNPL), and credit solutions, keeping pace with India’s rapidly evolving digital economy.
Scaling New Heights:
Growth and Market Impact:
MobiKwik’s relentless innovation led to exponential growth:
- As of 2025, MobiKwik serves over 167 million users and 4.4 million merchants-with a 23% market share of the digital wallet segment in India.
- Payments transaction volumes have skyrocketed by over 260% in recent years, a testament to the company’s adaptability and robust market strategy.
- Its offerings now encompass UPI payments, a banking gateway (Zaakpay), peer-to-peer lending, insurance, savings, and investment products.
Funding and Valuation:
Journey to Unicorn Status:
MobiKwik’s growth attracted major investors, with multiple rounds of funding led by global names like Sequoia Capital, American Express, and the Abu Dhabi Investment Authority. In 2021, MobiKwik reached a landmark $1 billion valuation, solidifying its status as a fintech unicorn and launching an IPO in late 2024.
Overcoming Challenges:
Resilience in the Face of Adversity:
The MobiKwik story is marked by resilience. The founders faced early skepticism from users and merchants, regulatory hurdles, and fierce competition. Their ability to anticipate shifts-such as the rise of UPI and demand for credit-helped the company thrive in a challenging environment.
The Human Touch and Social Impact:
Commitment to Financial Inclusion:
Upasana Taku is celebrated for her role as one of India’s leading female fintech founders, championing financial inclusion and women’s leadership in tech. MobiKwik’s mission remains focused on democratizing payments, credit, and savings for the next half-billion Indians.
Conclusion:
From a tiny setup to a billion-dollar fintech leader, MobiKwik’s journey exemplifies the power of conviction, innovation, and perseverance. Founders Bipin Preet Singh and Upasana Taku have not only built a revolutionary company, but they’ve also reshaped how India pays, saves, and invests-one digital transaction at a time.
