Bipin Preet Singh is a name synonymous with innovation and entrepreneurship in India’s fintech sector. As the co-founder and CEO of MobiKwik, he has played a pivotal role in transforming the way Indians handle their finances.
Born on June 16, 1980, in Delhi, Bipin Preet Singh grew up in a middle-class family. He completed his schooling in Delhi and later pursued higher education at the Indian Institute of Technology (IIT) Delhi, where he earned a Bachelor’s degree in Electrical Engineering from 1998 to 2002. His time at IIT Delhi provided him with a solid foundation in technology and instilled in him a passion for innovation and problem-solving.
After graduating, Bipin began his professional career at Intel, where he worked as a Senior Design Engineer from 2002 to 2005. He was involved in the Whitefield project, Intel’s server microprocessor design initiative in Bangalore. His role encompassed comprehensive hardware design, including logic and circuit design, formal modeling, and verification. This experience gave him deep insights into the world of semiconductors and technology, which would later influence his entrepreneurial ventures.
Bipin’s career path also took him to Freescale Semiconductor, where he worked as a System Architect, and NVIDIA, where he served as a platform architect. These positions allowed him to hone his skills in technology and business, preparing him for the challenges of starting his own company.
Founding MobiKwik
In 2009, Bipin Preet Singh, along with his wife, Upasana Taku, founded MobiKwik. The idea for MobiKwik stemmed from Bipin’s observation of the rapid growth of mobile internet usage in India and the need for a secure and convenient digital payment solution. At that time, online transactions often required users to share sensitive bank and card details, which posed security risks.
With an initial investment of Rs 8 lakh from his savings, Bipin Preet Singh started MobiKwik from a small office in Dwarka, Delhi. The company began as a website offering a closed wallet facility, allowing users to make online payments without exposing their bank details. This innovative approach quickly gained traction, and MobiKwik soon expanded its services to include mobile apps.
The early days were challenging. Bipin and Upasana worked tirelessly, often blurring the lines between their personal and professional lives. They moved from a rented apartment in South Delhi to Dwarka because the rent in South Delhi was too high for a startup. Their Dwarka office, which was also their home, became the nerve center of MobiKwik’s operations. Bipin developed the website and payment options himself, laying the foundation for what would become one of India’s leading fintech platforms.
Growth and Expansion of MobiKwik
Since its inception, MobiKwik has experienced remarkable growth. In 2012, the company launched its digital wallet system, enabling users to deposit money online for bill payments and other transactions. By 2013, MobiKwik received authorization from the Reserve Bank of India (RBI) for its semi-closed wallet, a significant milestone that allowed the company to operate legally and expand its user base.
MobiKwik also introduced features like sending and receiving money via mobile apps, enhancing its utility for users. The company formed strategic partnerships with major players such as GoDaddy and integrated its wallet with various e-commerce platforms, making it a preferred payment option for millions of users. In 2014, MobiKwik partnered with international companies to help them comply with Indian payment regulations, further expanding its reach.
Under Bipin’s leadership, MobiKwik has diversified its offerings beyond payments. The company has ventured into credit underwriting, insurance cross-selling, and wealth management. In 2018, MobiKwik acquired Clearfunds, a wealth management platform, allowing it to offer investment products to its users. This strategic move has positioned MobiKwik as a comprehensive financial services provider.
Today, MobiKwik boasts over 146 million users and has a valuation of Rs 23,567 crore. The company has reported profits for consecutive quarters, a testament to its sustainable business model and operational efficiency. Bipin’s ability to anticipate market needs and adapt quickly has been key to this success. In an interview with The Economic Times, he outlined MobiKwik’s strategy as a pyramid, with bill payments and recharges at the base, followed by integration with online marketplaces, offline merchant acceptance, and finally, money management.
Leadership and Vision
Bipin Preet Singh is renowned for his strategic vision and hands-on leadership style. He has been instrumental in driving MobiKwik’s growth by focusing on innovation and customer-centric solutions. His vision is to make financial services accessible and affordable to all Indians, particularly those in underserved regions.
In an interview with Business Standard, Bipin stated, “The Reserve Bank of India’s recent approval of a merger proposal of a fintech and a small finance bank shows that fintechs have arrived to make a mark in the country’s banking landscape”. This reflects his belief in the potential of fintech to revolutionize India’s financial sector.
Bipin also emphasized the future growth areas for mobile wallets. He told The Economic Times, “The next big growth in the mobile wallet business will happen when a lot of offline payments start happening on this platform.” His strategic foresight has guided MobiKwik to explore new areas like offline merchant payments and wealth management, ensuring the company remains competitive in a rapidly evolving industry.
His leadership has propelled MobiKwik to success and made him a respected figure in the fintech industry. Bipin is often invited to speak at industry forums and events, where he shares insights on digital payments, financial inclusion, and entrepreneurship. He has been vocal about the need for regulatory support to foster innovation in the fintech space, advocating for policies that enable startups to thrive.
As MobiKwik continues to expand its services and reach, Bipin Preet Singh remains at the helm, guiding the company towards new horizons. His story inspires aspiring entrepreneurs and underscores the impact that technology and determination can have on transforming industries. With plans for a potential IPO and further expansion into offline payments and financial services, Bipin’s vision for MobiKwik continues to shape the future of fintech in India.
