I am delighted to announce that Chandan Joshi has been elevated to Co-Founder of the company and CEO of the Payments Business. Chandan has been part of our leadership team for the last 2.5 years as Senior Vice President – Payments BU, managing the Payments business of MobiKwik. This is the first time that we have bestowed the Co-Founder title on anyone outside the original Founding team. Chandan is now the third Co-Founder of MobiKwik in addition to myself and Upasana. With this major appointment, we have effectively kick started our IPO 2022 campaign.
In our recently published FY2020 annual report, we had reported strong financial results: net revenue growth of 133% year over year to ₹379 crores and Cash EBITDA loss reduction of 91% year over year to ₹8.5 crores. In the report, we had spoken passionately about fulfilling a Billion Indian Dreams by making an everlasting impact on Bharat with our digital payment and fintech products. Having delivered three straight years of greater than 100% revenue growth amid stiff competition, we have demonstrated strong execution and financial discipline. As a first step to preparing the company for IPO, we have started organizing our top deck with this appointment.
It has been fantastic seeing Chandan build the Payments Business for the past 2 years with amazing zeal and conviction. 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. He has been a strong growth driver for MobiKwik and we want him to partner with us as a Co-founder in the overall build-out of the company.
Chandan’s professional journey so far has prepared him well for his role at MobiKwik. Chandan returned to India in 2015 and founded Paketts, an innovative last mile logistics service company. He successfully exited the business after Paketts was acquired by Nuvo Logistics (Peppertap) in 2017. Prior to being an entrepreneur, Chandan was a financial trader in global financial markets with Credit Suisse in London & Hong Kong. Chandan did his Engineering from IIT Delhi and his MBA from London Business School.
Speaking on the announcement, Chandan Joshi, Co-Founder MobiKwik said,
“My journey with MobiKwik so far has been very fulfilling – I joined in the aftermath of Demonetization and my first assignment was organizing the retail payments business, then to run eCommerce payments and finally to grow all of the Payments business. The team and culture at MobiKwik have been a good fit for me. I share a good rapport with Upasana and Bipin and share their vision of delivering on the Digital Credit Card opportunity. I am confident that together we will be able to profitably grow MobiKwik and take the company public.”
As CEO Payments Business, Chandan will take on complete ownership of the company’s flagship Payments Business which drives 75% of the revenues. While he was already driving the Business (Sales, Marketing, Product, Engineering) in his existing role, all functions in the Payments BU will now report into him. As Co-Founder, Chandan will join myself & Upasana in setting the internal work ethos & momentum, organising teams better for faster delivery, improving fiscal performance and getting the company in shape for IPO in 2022.
Huge Congrats & Good Luck Chandan!