Biography of Bipin Preet Singh: Co-founder of MobiKwik- Indian Entrepreneur
Biography of Bipin Preet Singh:
Early Education and Career Beginnings
Bipin Preet Singh's academic journey started at the
prestigious Indian Institute of Technology (IIT) in Delhi, where he earned a
Bachelor's Degree in Electrical Engineering. Graduating in 2002, Bipin
immediately launched his career in the semiconductor industry. His first role
was as a Senior Design Engineer at Intel, where he worked on the Whitefield
project, Intel’s first server micro-processor design, gaining valuable
experience in hardware design.
Transition to NVIDIA and Global Exposure
In 2006, Bipin took a significant leap by joining Janaagraha
as a Training Facilitator. This role allowed him to develop India’s first
citizen awareness program, encouraging youth participation in the democratic
process. Concurrently, he joined NVIDIA as a Platform Architect, gaining global
exposure by working with architectural teams on media and communications
processors. This dual experience broadened his technical and leadership skills.
Role as SoC Architect at Freescale Semiconductor
Bipin's next career move was to Freescale Semiconductor in
mid-2007, where he worked as a SoC (System on Chip) Architect. His
responsibilities included creating and analyzing performance models, developing
new use cases, and proposing features for Motorola chipsets. This role further
solidified his expertise in the semiconductor industry and provided him with
critical insights into advanced technology development.
The Decision to Pursue Entrepreneurship
Despite his success in the semiconductor industry, Bipin
began to feel restless and unchallenged. By the age of 29, he faced a pivotal
decision: pursue an expensive MBA from a top US university or invest his
savings into a startup. Choosing the latter, Bipin made a difficult shift from
hardware to software, teaching himself programming from scratch and embarking
on his entrepreneurial journey.
From Concept to Reality
Bipin Preet Singh’s entrepreneurial journey took a
significant turn when he connected with an old flatmate from Bangalore. This
serendipitous encounter led to a partnership that helped shape MobiKwik.
Additionally, Sunali Aggarwal from East Village joined the team to enhance user
experience. With business acumen, technical expertise, and a focus on
usability, Bipin invested Rs. 8 lakhs from his personal savings to kickstart
the project. This initial capital was used to cover crucial expenses like infrastructure,
website development, payment options, and office space, setting the stage for
the launch of MobiKwik in 2009.
Founding MobiKwik
In 2009, Bipin co-founded MobiKwik, with the vision of
transforming India’s digital payments landscape. At the time, digital payments
in India were almost non-existent. Under his leadership, MobiKwik has grown
into a significant player in the Indian fintech industry, aiming to be part of
the $1 trillion fintech opportunity projected for 2025.
The Birth of MobiKwik
MobiKwik was conceived as a solution to the persistent
payment challenges faced by users in India. The platform aimed to streamline
mobile payments and offer a hassle-free experience for managing mobile
services. By providing a unified online store for mobile-related needs,
MobiKwik aimed to address the common frustrations users encountered with mobile
operators and their services. The primary goal was to simplify transactions and
reduce the need for exposing sensitive financial details across multiple
platforms.
Biography of Bipin Preet Singh: Co-founder of MobiKwik- Indian Entrepreneur /Success story of Bipin Preet Singh/CEO of MobiKwik/Investor/Life story
Business Model and Initial Services
MobiKwik’s business model revolved around offering a
comprehensive online solution for mobile services. Users could add money to
their MobiKwik wallet, which could then be used for various functions and
services. This approach helped mitigate the risks associated with sharing card
and bank details with multiple merchants. Initially, the service focused on
voice services, including prepaid recharges for all Indian operators, data
services such as GPRS/3G top-ups, and mobile applications. MobiKwik also
introduced an SMS-based recharge model to cater to users without internet
access.
Product Enthusiast and Tech Visionary
As a product enthusiast, Bipin values good technology and
smart engineering. His background in electrical engineering and extensive
experience in technology, payments, and financial services have driven
MobiKwik’s success. He is passionate about building consumer products that
leverage cutting-edge technology to improve user experiences.
Securing Funding
Beyond personal investments, MobiKwik and its partner
Zaakpay successfully raised $30.3 million in funding. This investment came from
notable investors including Tree Line Asia, American Express, Cisco
Investments, and Sequoia Capital. The funding played a crucial role in
supporting MobiKwik’s growth and expanding its services, helping the company
establish itself as a major player in the Indian fintech landscape.
Achieving Break-Even and Growth
By 2013, MobiKwik achieved a significant milestone by
breaking even. Over the years, the company grew rapidly, amassing over 17
million users and partnering with 50,000 retailers and 20,000 online merchants.
MobiKwik’s evolution from a nascent startup to India’s leading mobile wallet
provider reflects its successful adaptation to market demands and its strategic
growth initiatives.
Building MobiKwik’s Team
One of the first and most challenging tasks Bipin faced was
finding a team that shared his vision and passion for digital payments.
Building a strong team was crucial for MobiKwik's growth, and Bipin’s
leadership skills were instrumental in assembling a talented and dedicated
workforce that could drive the company forward.
Diversified Service
MobiKwik’s service offerings have expanded well beyond
mobile recharges. Today, the platform provides a range of services including
postpaid bill payments, online DTH recharges, life insurance, electricity
payments, and more. The company’s diverse portfolio reflects its commitment to
addressing a broad spectrum of user needs, further solidifying its position in
the financial services industry.
Partnerships and Clientele
MobiKwik has established relationships with several
prominent brands and businesses, including Café Coffee Day, Domino’s Pizza,
Pizza Hut, TastyKhana, JustEat, PVR, eBay, Jabong, Snapdeal, and ShopClues.
These partnerships highlight MobiKwik’s ability to integrate its mobile wallet
solutions with various sectors, enhancing its reach and influence in the
market.
MobiKwik’s Growth and Impact
Since its inception, MobiKwik has grown significantly,
providing a wide range of digital payment solutions to millions of users across
India. The company has played a crucial role in the country’s shift towards a
cashless economy, offering services like mobile wallets, UPI payments, and
financial products. Bipin’s strategic vision and relentless drive have been key
to this growth.
Founding Zaakpay
In 2010, Bipin met Upasana Taku, a talented professional
with a background in engineering from the National Institute of Technology,
Jalandhar, and a Master's in Management Science from Stanford University.
Upasana had gained experience at HSBC, PayPal, Drishtee, and 2020 Social, but
was seeking a new challenge. When introduced to Bipin, she found a promising
opportunity with MobiKwik, where she joined as a director and partner in
February 2010.
Creating Zaakpay
Determined to tackle this problem, Upasana and Bipin decided
to develop their own payment gateway. They invested Rs. 25 lakhs from their
personal funds, hired two people, and started working on a new solution. By
September 2010, they launched Zaakpay.com, focusing on providing a sophisticated
and efficient payment gateway.
Zaakpay's Impact and Growth
Zaakpay, based in New Delhi and Bangalore, aimed to simplify
payment processes for the Indian e-commerce sector. With Webpay, the company
offered merchants a cost-effective solution: a monthly subscription of Rs. 500
and a 3% per-transaction fee. Starting with just five customers, Zaakpay
quickly expanded to include clients like DMAi, Deals-AndYou, KnowledgeBunch,
and MobiKwik. In its first year, Zaakpay achieved a turnover of Rs. 7 crores
and is projected to reach Rs. 50-70 crores in the next fiscal year. The company
also introduced MPay, a mobile payment solution that allows transactions via an
app without needing to open a browser.
Recognition and Leadership
In 2014, MobiKwik received the mBillionth Award South Asia
in the category of Mobile Business. This award recognized the company’s
significant contributions to the mobile payments industry and its impact on the
digital landscape in South Asia. Bipin's innovative approach and leadership have
earned him numerous accolades. In 2016, he was featured in the 'Fortune 40
under 40' list of Indian entrepreneurs and later in the 'Economic Times 40
under 40' list of India's top business leaders in 2018. These recognitions
highlight his impact on the tech and fintech industries in India.
Future Prospects and Vision
Looking ahead, Bipin Preet Singh continues to drive MobiKwik
towards new heights. His vision for the company aligns with the broader fintech
opportunities in India, and he remains committed to innovation and excellence.
As MobiKwik evolves, Bipin’s leadership will undoubtedly continue to shape the
future of digital payments in India.
Timeline of Bipin Preet Singh's Career and Achievements
2002: Graduated with a Bachelor's Degree in Electrical
Engineering from IIT Delhi.
2002-2006: Senior Design Engineer at Intel, worked on the
Whitefield project.
2006: Joined Janaagraha as a Training Facilitator and NVIDIA
as a Platform Architect.
Mid-2007: SoC Architect at Freescale Semiconductor.
2009: Co-founded MobiKwik, investing Rs. 8 lakhs to launch
the platform.
2010: Co-founded Zaakpay with Upasana Taku; launched
Zaakpay.com in September.
2013: MobiKwik broke even and had over 17 million users.
2014: MobiKwik won the mBillionth Award South Asia for
Mobile Business.
2016: Featured in 'Fortune 40 under 40' list of Indian
entrepreneurs.
2018: Listed in 'Economic Times 40 under 40' as one of
India's top business leaders.
