MobiKwik co-founder and CEO Bipin Preet Singh recounts the early founding years of MobiKwik operating out of a home apartment before raising institutional capital.
Assertion Contradicted
India Has More Smartphone Owners Than Active Digital Payment Users
“India is actually, if you think about it, it's the only country in the world where, ah, you know, more people have smartphones today than they are actively doing payments or digital transactions or you know, or even actively using bank accounts or have credit …”
Insight
Market Leadership Is Useless Without Eliminating the Competition Entirely
“Market leadership in B to C or B to B, whether it is B to B to B, I don't think it makes a difference. If you do not have the advantage of basically eliminating completely the competition and taking all the profits away, which means become a monopoly like IRCT…”
Opinion
India Has Virtually No M&A Exit Paths for Unicorn Startups
“The exit paths are actually M&A paths are pretty, are just non-existent. Nobody's buying companies at billion dollars, two billion dollars, three billion dollars in India. It's not As well developed in India yet, you know, you don't have the tatas and the burl…”
Assertion Not checkable as stated
MobiKwik Lost a Signed $60 Million Funding Deal to COVID-19
“Interestingly, we had four term sheets just before COVID had started in March... So it was I think total of about 50, sixty million dollars. And one of them actually, it was not just a term sheet. It was actually a signed shareholder agreement, SHA. So the agr…”
Assertion Contradicted
MobiKwik Achieved PAT Profitability in Late FY22
“In fact, in the quarter of December, 21, we became back profitable for the first time. Which we have maintained then again in the March quarter, which just ended and Jan to March 20, 22.”
Disclosure
Digital Credit Drives 35% of MobiKwik's Overall Business
“And that business has grown significantly from zero to almost now, 30 to 35% of our overall business Comes from credit.”