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One Mobikwik Systems
MOBIKWIK · > Fintech Listing date: Dec. 18, 2024

One Mobikwik Systems Limited was incorporated in New Delhi under the name ‘One Mobikwik Systems Private Limited’ on March 20, 2008 as a private limited company, under the Companies Act, 1956 and was granted a certificate of incorporation by the Registrar of Companies (RoC). Thereafter, the company was converted into a public limited company, pursuant to a special resolution passed in the extraordinary general meeting of its shareholders held on June 23, 2021 and the name of the company was changed to ‘One Mobikwik Systems Limited’, and a fresh certificate of incorporation dated June 25, 2021 was issued to the company by the RoC.

The company was founded by Bipin Preet Singh and Upasana Taku, who have prior experience in building scalable technology and financial products at their previous organisations. The company’s aim is to leverage technology as the primary factor to facilitate financial inclusion for the underserved population in India. The company is a platform business at its core, that has a two-sided payments network, consisting of consumers and merchants. The usefulness of its platform for new and existing consumers increases, as it adds newer products to its digital credit, investments, and insurance verticals. As it continues to expand the portfolio of products under these verticals, it can transform the platform into an increasingly compelling offering for its consumers while simultaneously enhancing its profitability and value.

The principal activities of the company and its subsidiaries consist of issuing and operating prepaid payment instrument (Wallet Payment System) and providing payment gateway services. The users use their MobiKwik wallet for transferring money, for paying their utility bills (prepaid recharge, post-paid mobile, landline, electricity, TV, etc.) and for shopping online on e-commerce websites. The company also provides financial services platform facilitating various loans product in association with financing partners.

Its key businesses include payment services: using MobiKwik Wallet, UPI, cards, and MobiKwik ZIP, consumers make payments of utility bills, to merchants, and money transfers. Merchants can collect payments from consumers using the aforementioned modes online or through QR codes, Soundbox and EDC devices and financial services: Through MobiKwik ZIP (pay-later), ZIP EMI (personal loans) and Merchant Cash Advance (merchant loans), it distributes credit from its lending partners to consumers and merchants.

Business area of the company

The company is a platform business at its core, that has a two-sided payments network, consisting of consumers and merchants. The company’s aim is to leverage technology as the primary factor to facilitate financial inclusion for the underserved population in India.

Services of the company

  • Payment Services
  • Merchant payment ecosystem
  • Recharge and bill payments
  • Credit card bill payments
  • UPI Ecosystem
  • Financial Services
  • MobiKwik ZIP (30 days product) 
  • MobiKwik ZIP EMI (3-24 month product) 
  • Merchant Cash Advances (3-24 month product)

Awards and accreditations

  • 2014: MobiKwik won the ‘m-business and commerce’ award at the Billionth South Asia Awards.
  • 2014: MobiKwik won the ‘Best Mobile Money Product’ award at the 5th India Digital Awards organized by Internet and Mobile Association of India.
  • 2015: MobiKwik won the ‘Best Money Transfer Programme’ award at the India Digital Awards organized by Internet and Mobile Association of India.
  • 2015: MobiKwik was ranked in the top 10 brands in the ‘Delhi - NCR Brand Summit and Hot 50 brands’ recognized by Paul Writer presented by One India.
  • 2016: MobiKwik co-founder, Bipin Preet Singh was featured in the ‘Fortune 40 under 40’ list of entrepreneurs in India.
  • 2017: MobiKwik co-founder, Upasana Rupkrishan Taku was conferred the “Best Women Entrepreneur of the Year” award by The Associated Chambers of Commerce and Industry of India.
  • 2017: MobiKwik received the ‘Industry Award’ in the financial services (established) category at the AWS Mobility Awards 2017 by YourStory.
  • 2018: MobiKwik was conferred the Amity Leadership Award for Business Excellence in the field of eCommerce payment systems in India.
  • 2018: MobiKwik co-founder, Upasana Rupkrishan Taku was felicitated by the President of India, as the first woman to lead a payments start-up.
  • 2018: MobiKwik co-founder, Bipin Preet Singh was featured in the Economic Times 40 under Forty list of India’s top business leaders.
  • 2018: Its brand, MobiKwik, was awarded at the ET Iconic Brands of India Awards, as an ‘Icon of Indigenous Excellence’.
  • 2019: MobiKwik co-founder, Upasana Rupkrishan Taku was named in the BW Businessworld 40 Under 40 Club.
  • 2019: MobiKwik co-founder, Upasana Rupkrishan Taku, was featured in Forbes Asia's Power Businesswomen list of 25 accomplished women shaping Asia’s business landscape.
  • 2020: MobiKwik was featured in the ‘Fintech Fast 101’ list of fast growing fintech players in Asia/ Pacific, published by IDC Financial Insights.
  • 2020: MobiKwik co-founder, Upasana Rupkrishan Taku was featured in the Kotak Wealth Hurun – Leading Wealthy Women List 2020 under 2 categories: i) Ranked 12th in the richest self-made women list; and ii) Ranked 10th in the women founders list.
  • 2022: MobiKwik co-founder, Upasana Rupkrishan Taku was conferred the ‘Most Powerful Women in Business’ award by Business Today.
  • 2023: MobiKwik received the ‘e4m Pride of India Brands - The best of North Awards’.
  • 2023: MobiKwik won the ‘Best Lead Generation Campaign (FinTech Company)’ award at the 2nd Annual NBFC & Fintech Excellence Awards organized by Quantic Media presented by Expleo.
  • 2023: MobiKwik received “Innovative DevOps Excellence in Pioneering Infrastructure Optimization for Payments” awards at the 3rd India DevOps Show 2023, hosted by Quantic India.
  • 2023: MobiKwik co-founder, Upasana Rupkrishan Taku was conferred the ‘Most Powerful Women in Business’ award by Business Today. 
  • 2023: MobiKwik received the ET Most Promising Brands award.
  • 2023: MobiKwik co-founder, Upasana Rupkrishan Taku was conferred TIMES NOW India’s Impactful CEO award by ET Edge.
  • 2023: MobiKwik co-founder, Upasana Rupkrishan Taku is the only woman founder to be elected in the current Governing Council of IAMAI.
  • 2023: MobiKwik co-founder Bipin Preet Singh has been selected to be part of the Policy Committee of DLAI.
  • 2024: MobiKwik received the 'Special Jury Award' by ASSOCHAM for Fintech and Digital Payments Excellence.
  • 2024: MobiKwik received IMAGEXX Award for 'Best use of Media' in the BFSI category for their campaign 'MobiKwik's Road to IPO.'
  • 2024: MobiKwik Co-founder & CFO, Upasana Taku was conferred CNBC-TV18’s ‘Unstoppable Icon’ Award and was recognized as India’s Leading Tech Founder and one of the Top 15 Richest Self-made Women in India.

History and milestones

  • 2008: The company was incorporated in March 2008 by Bipin Preet Singh, who served as a signatory to the Memorandum of Association (MoA).
  • 2009: Started payment wallet operations in 2009.
  • 2010: Upasana Rupkrishan Taku joined the Company as a co-founder in February 2010.
  • 2010: Set up a digital wallet to enable users to make online bill payments.
  • 2010: Incorporation of Zaak ePayment Services Private Limited for payment gateway business.
  • 2011: Seed investment led by Peak XV Partners Investment Holdings III (formerly known as Sequoia Capital India Investment Holdings III) into Zaak ePayment in November 2011.
  • 2012: MobiKwik mobile application introduced on Google Play Store.
  • 2013: Received Certificate of Authorisation to set up and operate payment system for semi-closed prepaid payments instrument services from the Reserve Bank of India.
  • 2013: Introduced MobiKwik mobile application on Apple App store.
  • 2013: MobiKwik was an India level finalist and won the 2nd place at the international level Vodafone appStar contest.
  • 2014: Raised Rs 152.70 million in Series A funding from PXVIHIII and PXVPIIV.
  • 2014: Integrated the MobiKwik wallet as a payment option on e-commerce websites.
  • 2015: Restructuring of Zaak ePayment as a wholly owned subsidiary of the Company.
  • 2015: Raised Series B funding of Rs 1,128.13 million from PXVPIIV, Tree Line and Amex
  • 2015: Launched MobiKwik wallet as a payment option for organized retail
  • 2016: Raised Series C funding from PXVPIIV, Tree Line, Net1, among others.
  • 2016: Launched MobiKwik wallet as a payment option for un-organized retail stores.
  • 2017: Opened 6 new offices pan India.
  • 2017: Raised Series D funding of Rs 2,250 million.
  • 2018: Forayed into digital credit.
  • 2018: Acquired ‘ClearFunds’ (Harvest Fintech), an online wealth management platform.
  • 2019: Launched MobiKwik ZIP.
  • 2019: Received authorisation from the RBI to operate as a Bharat Bill Payment Operating Unit.
  • 2020: Received license to act as a composite corporate agent from the IRDAI. 
  • 2020: Elevated Chandan Joshi as a co-founder & CEO-Payments. 
  • 2021: Application made by Zaak ePayment for authorization to set up a payment system.
  • 2021: Raised Series G funding of Rs 1,490 million from ADIA.
  • 2022: Launched MobiKwik Xtra.
  • 2023: For consumers: Became first fintech to launch Credit Card on UPI; Introduced new feature for customers to track provident funds; Launched MobiKwik Lens; Launched brand EMI with Vivo stores; Launched “Pocket UPI”.
  • 2023: For retail Merchants; Launched MobiKwik sound box and EDC machines; and Launched merchant loan feature (MCA) for small Merchants. 
  • 2023: For e-commerce Merchants: Received In-Principal authorisation from RBI for Zaak Epayment Services Private Limited to operate as a Payment Aggregator under the Payment and Settlement Systems Act, 2007.
  • 2024: Launched a new feature on its platform “Pocket UPI”. 
  • 2024: Launched a Fixed Deposit platform. 
  • 2024: MobiKwik co-branded a credit card.
  • 2024: Launched LENS.ai, an AI based Chatbot.