Mobikwik joins IPO queue, eyes public itemizing by 2022, Expertise Information, ETtech
Homegrown fintech firm Mobikwik mentioned on Tuesday that it had “kickstarted” the method for a public itemizing by 2022, becoming a member of startups equivalent to PhonePe, Paytm and Zomato which have publicly introduced their plans to go in for Preliminary Public Choices.
“As co-founder, Chandan will be part of (co-founders) Bipin (Preet Singh) and Upasana (Taku) in setting the interior work ethos and momentum, organizing groups higher for sooner supply, bettering fiscal efficiency and getting the corporate in form for IPO in 2022,” the corporate mentioned in an announcement.
Joshi, who joined Mobikwik in 2018, has additionally been promoted as CEO of its funds enterprise, the corporate mentioned. In his new function, Joshi will take cost of Mobikwik’s core fee enterprise.
“Chandan has demonstrated all the appropriate traits that we search for in a enterprise chief – he leads from the entrance, is invested in his groups, is tenacious in driving enterprise outcomes and in closing massive strategic offers,” co-founder and CEO Bipin Preet Singh mentioned.
It isn’t the primary time that an outdoor govt has assumed the title of co-founder in India’s broader startup panorama.
Zomato and Insurgent Meals are amongst Indian startups the place senior executives exterior the unique founding staff have been promoted as a ‘co-founder.’
“I joined within the aftermath of de-monetisation and my first project was organizing the retail funds enterprise, then to run e-commerce funds and eventually to develop all the funds enterprise,” Joshi mentioned. “I’m assured that collectively we can profitably develop MobiKwik and take the corporate public.”
The corporate decreased its losses to Rs 8.5 crore and posted income of Rs 379 crore in monetary yr 2020, as per regulatory disclosures.