From a dining table startup to ₹572 Cr IPO: How MobiKwik prioritizes innovation over big-budget ads
MobiKwik, a leading player in India’s fintech space, has launched its ₹572 crore IPO. With 15 years of innovation in digital payments and financial product distribution, it has become a trusted name for users in tier 2 and tier 3 cities.
In an exclusive interview, ETMarkets spoke to Upasana Taku (Chairperson & CFO) and Bipin Preet Singh (MD & CEO) about MobiKwik’s journey, competitive edge, financials, and future plans. Excerpts:
With an issue size of over ₹570 crore, MobiKwik's IPO seems significant. Could you briefly take us through the journey of the company and its business model?
Bipin Preet Singh: MobiKwik is a fintech company that began 15 years ago as a digital wallet. Our primary business revolves around payments, making us India’s largest digital wallet with over 160 million users and 4 million merchants. The app facilitates bill payments, money transfers, online shopping, and QR-based transactions.
In addition to payments, MobiKwik also distributes financial products, catering to users from tier 2 and 3 cities, often classified as middle or lower-middle income, who have limited access to banking services. Through partnerships with banks, NBFCs, and mutual funds, we provide credit cards, loans, fixed deposits, and mutual funds at accessible ticket sizes. These two segments—payments and financial product distribution—equally drive MobiKwik’s growth.
The fintech space is competitive. How does MobiKwik differentiate itself from its competitors?
Upasana Taku: Since inception, we’ve focused on frugality and
