Wallets/mobikwik
MobiKwik
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Overview
MobiKwik is India's veteran fintech wallet + payments + lending platform, operated by One MobiKwik Systems Limited (NSE: MOBIKWIK, BSE: 544362) — founded April 2009 by Bipin Preet Singh + Upasana Taku 1, 2. By FY25, MobiKwik had 176.40 million registered users + 36 million MAU + 2.5 million daily wallet transactions + 500 million UPI transactions + $2.7B annual bill payments. Dec 2024 IPO subscribed 125.69 times — among India's most successful 2024 fintech IPOs. Post-IPO strategy: 60% of IPO proceeds invested in AI + R&D push.
History
April 2009 — MobiKwik founded 2 by Bipin Preet Singh + Upasana Taku as one of India's earliest mobile-wallet platforms.
2013-2018 — Mass Indian-wallet adoption during pre-UPI mobile-payments era 2.
Dec 11-13, 2024 — IPO: Subscribed 125.69x; price band ₹265-279; Rs 572 Cr issue 1.
Post-IPO 2025 — AI + R&D investment (60% of IPO proceeds) 3.
FY25 — 176.40M registered users + 36M MAU 1.
Ownership & operator
Operating entity: One MobiKwik Systems Limited (NSE: MOBIKWIK, BSE: 544362) — listed Dec 2024.
Co-founders: Bipin Preet Singh (CEO) + Upasana Taku (COO).
Major investors: Sequoia (now Peak XV), American Express, Cisco, Bajaj Finance, Net1 (now BR.com), Tree Line Asia + public float.
Regulator: RBI (prepaid payment instrument + payment aggregator).
Technical integration
| Layer | Description |
|---|---|
| Channels | MobiKwik mobile app (iOS + Android) + web (mobikwik.com) |
| Identifiers | Phone number + VPA + QR code |
| Sub-products | MobiKwik Wallet (closed-loop) + MobiKwik UPI + MobiKwik Mall (e-commerce) + Boost (BNPL) + Zaakpay (payment gateway) + MobiKwik Lending (consumer + merchant credit) + Xtra (wealth management) |
| UPI | UPI QR integration |
| Standards | UPI + BBPS |
Users & growth
FY25 1:
- Registered users: 176.40 million
- MAU (early 2025): 36 million (+20% YoY)
- Wallet transactions: ~2.5 million daily
- UPI transactions: 500 million
- Bill payments: $2.7+ billion (2025)
- Merchants (June 2024 baseline): 4.26 million
Dec 2024 IPO:
- Subscription: 125.69x
- Price band: ₹265-279
- Issue size: Rs 572 Cr
Use cases
Mobile recharges + DTH (original MobiKwik use case); bill payments (>$2.7B 2025); UPI P2P + merchant; MobiKwik Wallet closed-loop; Boost BNPL; Zaakpay payment gateway for merchants; MobiKwik Lending consumer + merchant credit; Xtra wealth management.
Implementations & partners
Operator: One MobiKwik Systems Limited (NSE: MOBIKWIK).
Major Indian competitors: PhonePe + Google Pay + Paytm + BharatPe + CRED.
Regulator: RBI + NPCI.
Fun facts
- April 2009 founded by Bipin Preet Singh + Upasana Taku — among India's earliest mobile-wallet pioneers (pre-UPI era).
- 176.40M registered users + 36M MAU (FY25).
- Dec 2024 IPO subscribed 125.69x — among India's most successful 2024 fintech IPOs.
- 60% of IPO proceeds invested in AI + R&D (2025 strategy).
- Multi-product breadth: Wallet + UPI + Mall + Boost (BNPL) + Zaakpay (gateway) + Lending + Xtra (wealth).
- Co-founder Upasana Taku — one of few Indian female fintech founders to lead a public company.
- Bajaj Finance + American Express + Cisco strategic investors — diverse cap table.
Comparison
| Feature | MobiKwik | Paytm | Freecharge | CRED | BharatPe |
|---|---|---|---|---|---|
| Operator | One MobiKwik Systems (NSE/BSE-listed Dec 2024) | One97 Communications (BSE/NSE) | Axis Bank subsidiary | Dreamplug Technologies | Resilient Innovations |
| Type | Veteran wallet + UPI + lending + multi-product | Super-app + UPI | Wallet + Axis Bank UPI integration | Premium credit-card bill-payment + UPI | SMB merchant + POS + lending |
| Users | 176.40M registered / 36M MAU | 72M MTU (recovering) | 100M+ | 12M+ members | 17M merchants |
| Listing | NSE/BSE (Dec 2024 IPO, 125.69x oversubscribed) | BSE/NSE (Nov 2021) | Axis Bank subsidiary | Private ($6.4B peak) | Private |
| Distinctive | Earliest pre-UPI wallet + Dec 2024 IPO 125x oversubscribed + AI/R&D push | Post-PPBL recovery + Paytm Soundbox | Axis Bank Gold-on-UPI Oct 2025+ | Premium-tier + ~₹2K ARPU | SMB merchant focus + FY25 profitability |
Status
Active, publicly-listed Indian veteran fintech 1, 3:
- One MobiKwik Systems Limited (NSE: MOBIKWIK; listed Dec 2024).
- 176.40M registered users + 36M MAU (FY25, +20% YoY).
- 2.5M daily wallet tx + 500M UPI tx + $2.7B bill payments (2025).
- Dec 2024 IPO subscribed 125.69x.
- 60% of IPO proceeds invested in AI + R&D.
Sources
- 1 MobiKwik Statistics — CoinLaw
- 2 MobiKwik — official
- 3 MobiKwik AI/R&D push — Medianama
- 4 MobiKwik IPO — Groww
Source
Biography extracted from mobikwik.md. See matrix.md for standards-support matrix if present.