Tree Line Asia funds MobiKwik for $25 million as Series ‘B’ funding. Gurgaon based MobiKwik is a digital wallet services that offers fastest way to recharge mobiles, pay bills and shop across merchants. One can pay their post-paid and prepaid bills for mobile, DTH, broadband, electricity bills and other utilities.
MobiKwik has tied up Cafe Coffee Day, where MobiKwik users can pay for their refreshment through wallet services of MobiKwik. The company claims it has over 15 million users and 25,000 merchants currently. They are focusing on the offline brick and mortar stores which are huge in number. MobiKwik has applied for payments banking licence for which necessary approvals are awaited.
The company was founded in 2009 by Bipin Preet Singh and he is the Chief Executive Officer. He has graduated in Bachelor of Technology in Electrical Engineering from Indian Institute of Technology, Delhi in 2002. He started his career as senior design engineer in Intel in 2002 and worked there till 2005. Bipin then moved to Janaagraha as Training Facilitator in 2006. He worked senior team to create India’s first citizen awareness program at youth. He moved out of the organization in 2007 and simultaneously he worked NVIDIA as Platform Architect. He worked with NVIDIA for 16 months.
Bipin joined Freescale Semiconductor in 2007 as System Architect on multimedia and memory technologies for handheld products. He worked with Freescale till he founded MobiKwik in 2009,
Upasana Taku is co founder of MobiKwik. She is educational and professionally qualified person. She has graduated in Bachelor of Technology in Industrial Engineering from National Institute of Technology, Jalandhar and went to do Masters of Science in Management Science and Engineering from Stanford University in 2004.
Upasana started her career as Research Assistant in Stanford Linear Accelerator in 2002 where she developed computerized inventory control system. She was Stanford for 25 months and moved to HSBC as Business Analyst, Product Management. She managed loyalty programs and promotions to increase auto loan origination volume and enhance sales relations at car dealerships and collaborated cross functionality with sales, finance and risk. She worked with HSBC till 2006 and joined as Senior Product Manager in PayPal in Jan 2006, played a key role in integrating of FraudSciences Intellectual Property. She was PayPal for almost 3 years and moved as Management Consultant in Drishtee. She had brief stint in the company and moved to 2020 Social and worked there for 6 months.
Upasana became Director and Chief Executive Officer of Zaakpay in 2010, the company offered in app mobile payment and web payment solutions to e commerce companies. In 2010 she teamed with Bipin to start MobiKwik.
In 2012 the founders of MobiKwik seed funded their company for $250K and got Series ‘A’ funding from an unnamed venture capitalist. Sources say that Sequoia might have funded the company. MobiKwik got funding of Series ‘B’ for $25 million from Tree Line Asia, Sequoia Capital, and American Express and CISCO investments on April 08, 2015.
Recently recharge companies like PayTM, FreeCharge are making news. This may be either due to funding or acquisition. PayTM got huge investment from SAIF Partners and Alibaba and FreeCharge has been taken over by Snapdeal yesterday.