Biography of Upasana Taku: Founder of Mobikwik-Indian Entrepreneur
Journey of Upasana Taku: The Visionary Behind Mobikwik
Upasana Taku is the founder of Mobikwik, a digital wallet
and payment application designed to replace traditional wallets with a more
convenient and secure option. Mobikwik provides users with digital credit and
various financial services, helping to streamline financial transactions and
enhance security.
A Mission to Transform Retail Payments
Upasana's goal is to simplify payment processes for retailers
across India. She is dedicated to integrating a million retailers into the
Mobikwik payments network, aiming to make digital transactions easier and more
accessible for businesses and consumers alike.
A Rising Star in the E-Wallet Industry
While e-wallet giants like Paytm, PhonePe, and Google Pay
are well-known in the Indian market, Mobikwik has also been making significant
progress. Upasana Taku's background is as diverse as her achievements. With
Kashmiri roots, a Gujarati education, and a Punjabi upbringing, she has blended
these influences into a powerful drive to succeed. Her story is a source of
inspiration for aspiring entrepreneurs, demonstrating her unwavering commitment
to her work.
Early Years
Upasana Taku grew up in Gandhinagar, Gujarat, in a family of
academicians. She completed her schooling in Surat and pursued engineering at
the National Institute of Technology in Jalandhar. To further enhance her
expertise, she earned a Master’s in Management Science and Engineering from
Stanford University in the US. Amid a period of significant business evolution
in the US, Upasana joined PayPal as a Senior Product Manager, where she
continued to build her skills.
Educational Background
Upasana completed her schooling in Surat before pursuing
engineering at the National Institute of Technology in Jalandhar, where she
earned a degree in Industrial Engineering. She furthered her education with a
Master’s in Management Science and Engineering from Stanford University in the
US.
From HSBC to PayPal
Upasana Taku’s impressive skills and education took her to
HSBC in San Diego, where she excelled in various areas including marketing,
outreach, forecasting, and market research. Her success in these fields led her
to join PayPal, a company at the forefront of payment systems. At PayPal,
Upasana expanded her knowledge in payment systems across the Americas, Europe,
and Asia, and gained valuable insights into risk detection, fraud management,
user experience, and design.
The Homecoming of Upasana Taku
After over four years abroad, Upasana decided to return to
India to contribute to the country's economy. Her return marked a pivotal
moment in her career. Soon after coming back, she conceived the idea of a
mobile wallet app. During the development of this project, she met Bipin Preet
Singh, who would become both her partner in life and in business. Together,
they launched Mobikwik, aiming to simplify mobile transactions in India.
Stepping Out of the Comfort Zone
By 2008, despite a comfortable corporate career with
high-impact projects and substantial financial success, Upasana Taku felt
unfulfilled and desired a change. She no longer wanted to remain a
"corporate drone" and was eager to make a difference in India’s
startup ecosystem. This realization marked a pivotal moment in her career.
A New Venture in India
Returning to India in 2009, Upasana immersed herself in the
local business environment, identifying emerging sectors and gaps within the
startup ecosystem. She noticed that cashless payment systems, like PayPal, were
not widely used in India, which inspired her to address this gap and advance
technology in the country.
Meeting a Co-Founder and Starting Mobikwik
During her time working on her new ideas, Upasana met Bipin,
who would become her husband and co-founder. They connected through a mutual
friend and discovered a shared passion for enhancing the startup ecosystem.
After six months of collaboration, Upasana joined Bipin to co-found Mobikwik,
leveraging their combined expertise to revolutionize the payment landscape in
India.
Upasana Taku and Mobikwik: A Financial Revolution
Upasana Taku’s Mobikwik started with a straightforward idea:
a recharge platform for mobile phones. Initially, it served as a simple way to
top up mobile credits, but over time, it evolved into a major player in the
mobile wallet space. At a time when people relied on physical cash even for
small amounts like Rs 10, Taku introduced the concept of a digital wallet,
changing how transactions were done. Today, millennials can’t imagine having to
go to a store for minor recharges; an app is now their go-to solution. Mobikwik
has grown significantly, hiring its first employee in 2010 and struggling to
find someone who shared their vision.
Biography of Upasana Taku: Founder of Mobikwik- Indian Entrepreneur/digital wallet and an Indian payment application/success story of Mobikwik/Upasana
From Home Offices to Corporate Expansion
In 2011, Mobikwik's team grew slowly, starting with just six
members and working from home. Even on their wedding day, Taku and Bipin Preet
had to work for the company. By late 2011, they rented their first office, a
modest space with five rooms. The company saw rapid growth and expanded to a
team of 35 by June 2012. By September 2012, Mobikwik applied for and received
the RBI’s PPI license in July 2013, marking a significant milestone.
Funding and Expansion
The company's first major funding round in 2013 brought in
$5 million, which allowed them to move to a larger office in Udyog Vihar,
Gurgaon, and expand their team to 50 employees. In 2015, they secured a second
round of funding, raising $25 million from Sequoia Capital, American Express,
Tree Line Asia, and Cisco Investment. Despite the surge in e-commerce, payment
gateways were still a major hurdle, with limited options and few competitors.
Major Investment Breakthrough
In 2016, Mobikwik achieved another milestone by raising $50
million in their third round of investment. This funding came from Net1, GMO
payment gateway, Mediatek, Sequoia Capital, and TreeLine Asia. This significant
investment marked Mobikwik’s growing influence and established it as a prominent
name in the fintech sector.
Upasana Taku’s Success Mantra
Upasana Taku lives by the mantra "Kick up a storm or
die trying," which has kept her focused and determined through tough
times. She believes that tenacity is essential for success, and her dedication
to serving the startup community has made her a role model for many budding
entrepreneurs.
Accolades and Achievements
In 2017, Upasana was honored with the Best Woman
Entrepreneur Award by the Associated Chambers of Commerce and Industry of India
(ASSOCHAM). She made history as the first woman to lead a payment gateway
company in India and was named one of Forbes’ “Asia’s Women to Watch” in 2016.
Upasana is known for her efficiency in closing deals and managing projects,
demonstrating her ability to deliver results swiftly while maintaining high
standards.
A Wealth of Experience
With over 17 years of experience in product management,
payments, and financial services, Upasana holds a Bachelor's degree in
Industrial Engineering from Punjab Technical University and a Master’s degree
in Management Science and Engineering from Stanford University. Before
embarking on her entrepreneurial journey, she worked as a Product Manager at
PayPal in San Jose and was involved with HSBC’s auto finance division in San
Diego.
Mobikwik's Meteoric Rise
Mobikwik experienced remarkable growth within just a few
years of its launch, and 2016 was a standout year for Upasana Taku. That year,
the company secured $50 million in funding from major investors including Net1,
GMO payment gateway, Mediatek, Sequoia Capital, and TreeLine Asia. This
significant investment helped establish Mobikwik as a prominent player in the
fintech sector. The demonetization wave in India further accelerated Mobikwik's
success, leading to a staggering 400% increase in transactions and attracting
over 45 million users.
Recognition and Awards
For her hard work and exceptional contributions to the
fintech industry, Upasana Taku received widespread recognition. In 2016, Forbes
included her in their "Women to Watch" list. The following year, she
was honored with the Best Woman Entrepreneur Award by Assocham. Her
achievements continued to be celebrated in 2018 when she was one of 112 women
recognized by then-President of India, Ram Nath Kovind. Upasana’s success stands
as a testament to her belief that women can indeed excel and lead in any field.
A Commitment to Impact
Driven by a passion to create grassroots impact, Upasana
returned to India in 2008. Her hard work and commitment have earned her
widespread recognition. In 2018, she was acknowledged by the President of India
as the first woman to lead a payments startup. By 2019, she was listed in
Forbes Asia's Power Businesswomen and ranked 12th on the Kotak Wealth Hurun
list of wealthy self-made women in India in 2020.
A timeline highlighting the key milestones and achievements
in Upasana Taku’s career:
1980: Upasana Taku is born in a family of academicians in
Gandhinagar, Gujarat.
1998: Upasana completes her schooling in Surat.
2002: She graduates with a degree in Industrial Engineering
from the National Institute of Technology, Jalandhar.
2004: Upasana earns a Master’s in Management Science and
Engineering from Stanford University in the US.
2004-2008: Upasana works at HSBC in San Diego, focusing on
marketing, outreach, forecasting, and market research.
2008: Upasana joins PayPal as a Senior Product Manager,
gaining expertise in payment systems, risk detection, fraud management, and
user experience.
2008: Upasana returns to India, inspired to contribute to
the country’s startup ecosystem.
2009: Upasana conceives the idea for Mobikwik and meets
Bipin Preet Singh, who becomes both her partner in life and in business.
2010: Mobikwik is officially launched, initially as a mobile
phone recharge platform.
2011: Mobikwik's team starts with six members, working from
home. Upasana and Bipin continue working on Mobikwik even on their wedding day.
By late 2011, they rent their first office.
2012: Mobikwik’s team grows to 35 members. By September,
Mobikwik applies for the RBI’s PPI license, which is granted in July 2013.
2013: The company secures its first major funding round of
$5 million, allowing for a larger office and team expansion to 50 employees.
2015: Mobikwik raises $25 million in its second funding
round from Sequoia Capital, American Express, Tree Line Asia, and Cisco
Investment.
2016: Mobikwik secures $50 million in its third funding
round from Net1, GMO payment gateway, Mediatek, Sequoia Capital, and TreeLine
Asia. The company experiences a 400% increase in transactions due to the
demonetization wave in India.
2016: Upasana is included in Forbes’ “Asia’s Women to Watch”
list.
2017: Upasana receives the Best Woman Entrepreneur Award by
ASSOCHAM.
2018: Upasana is recognized by then-President of India, Ram
Nath Kovind, as the first woman to lead a payments startup. She is also honored
as one of 112 women in India for her achievements.
2019: Upasana is listed in Forbes Asia's Power Businesswomen
list.
2020: She is ranked 12th on the Kotak Wealth Hurun list of
wealthy self-made women in India.
Ongoing: Upasana continues to lead Mobikwik, advocating for
digital payment solutions and impacting the fintech sector in India. Her
success reflects her commitment to innovation and empowering women in
entrepreneurship.
