Mobikwik joins IPO queue, eyes public listing by 2022
Homegrown fintech company Mobikwik said on Tuesday that it had "kickstarted" the process for a public listing by 2022, joining startups such as PhonePe, Paytm and Zomato that have publicly announced their plans to go in for Initial Public Offerings.
The company has also elevated senior vice president Chandan Joshi as cofounder.
"As co-founder, Chandan will join (co-founders) Bipin (Preet Singh) and Upasana (Taku) in setting the internal work ethos and momentum, organizing teams better for faster delivery, improving fiscal performance and getting the company in shape for IPO in 2022," the company said in a statement.
Joshi, who joined Mobikwik in 2018, has also been promoted as CEO of its payments business, the company said. In his new role, Joshi will take charge of Mobikwik's core payment business.
"Chandan has demonstrated all the right traits that we look for in a business leader - he leads from the front, is invested in his teams, is tenacious in driving business results and in closing large strategic deals," co-founder and CEO Bipin Preet Singh said.
It is not the first time that an outside executive has assumed the title of co-founder in India's broader startup landscape.
Zomato and Rebel Foods are among Indian startups where senior executives outside the original founding team have been promoted as a 'co-founder.'
"I joined in the aftermath of de-monetisation and my first assignment was organizing the retail payments business, then to run e-commerce payments and finally to grow all of the payments business," Joshi said. "I am confident that together we will be able to profitably grow MobiKwik and take the company public."
The company reduced its losses to Rs 8.5 crore and posted revenue of Rs 379 crore in financial year 2020, as per regulatory disclosures.
courtesy: economic times