This IIT-Delhi alumnus Bipin Preet Singh turned his Rs 8 lakh savings into Mobikwik, a fintech company with a market cap of Rs 23,567 crore. His journey is an inspiration for every entrepreneur.
Born in New Delhi, Bipin Preet Singh, an alumnus of IIT Delhi, rose to great success from modest beginnings. With his life savings of Rs 8 lakh, he founded Mobikwik, a prominent fintech company in India. His journey serves as an inspiration for aspiring entrepreneurs.
Startup idea
After graduating from IIT Delhi, Bipin Preet Singh worked as a systems architect at Freescale Semiconductor. Always inclined towards innovation, he was eager to find the right opportunity to turn his dreams into reality. In the late 2000s, as mobile internet usage was rapidly expanding in India, Bipin recognised the tremendous potential of digital payment services. His aim was to develop a solution that would also ensure security for online transactions.
Starting with just Rs 8 lakh
In 2009, he rented a small office in Dwarka, Delhi, using his savings of Rs 8 lakh, marking the beginning of Mobikwik. Initially, the platform focused solely on prepaid mobile recharges. His wife, Upasana Singh, supported him throughout this journey, and together they endeavoured to make Mobikwik user-friendly. Bipin introduced an SMS-based recharge service for users without internet access, a move that proved highly successful and significantly boosted Mobikwik’s popularity.
Business strategies
Bipin recognised that the limitations of traditional mobile services could impede Mobikwik's growth, prompting him to shift to a 'pull' model. This change allowed users to access recharges and premium apps directly. As a result, Mobikwik was able to form partnerships with major brands such as PVR and Cafe Coffee Day.
By 2015, Mobikwik had amassed 15 million wallet users and 25,000 business partners, establishing itself as one of India's fastest-growing digital payment companies. A few years later, as several large fintech startups emerged in India, Bipin recognised the necessity for investors to remain competitive in the market. To secure substantial financial backing, he sold a 10.83% stake to Bajaj Finance, which provided crucial support for Mobikwik's continued growth.
Company's success
Mobikwik has emerged as one of India's leading fintech companies. In the fiscal year 2023-24, it reported an annual turnover of Rs 890.32 crore, reflecting a remarkable growth of 58.67% compared to the previous year. The company’s market capitalisation has reached Rs 23,567 crore. The combined net worth of Bipin and his wife Upasana is estimated at Rs 2,260 crore.
Also read: Success story: Meet Inder Jaisinghani, an Indian billionaire who once lived in Mumbai chawl
Read Exclusive COVID-19 Coronavirus News updates, at MyNation.