IPO bound mobile wallet and Buy Now Pay Later platform MobiKwik has strengthened its Board of Directors with the induction of four independent directors. The appointments include experienced investment professional and former MD of Blackstone and Oppenheimer Dr. Punita Kumar Sinha, accomplished diplomat and the former Ambassador of India to Egypt and UAE Navdeep Singh Suri, fintech entrepreneur and co-founder of PaySense Sayali Karanjkar and Chief Technology Officer of LinkedIn Raghu Ram Hiremagalur.
Speaking at the announcement, Bipin Preet Singh, MD, CEO & Co-founder, MobiKwik said, “As a company, we stand on the precipice of a monumental milestone - an Initial Public Offering in India. It is of utmost importance that the Board believes in our journey, our people, and our vision over the next decade and more. In my extensive conversations with Punita, Navdeep, Sayali and Raghu, I have found a harmony in their beliefs and MobiKwik’s vision. I see this as being foundational as we head into our next phase as a publicly listed company. The holistic expertise of our new Board members in our sector, public policy, technology and business will provide an added thrust to MobiKwik’s strategic direction.”
MobiKwik is currently on the road to an IPO and has filed the Draft Red Herring Prospectus with SEBI. The company is profitable at the segment level across all 3 segments, and has seen a revenue growth (CAGR) of 37% in the last 2 years (FY19-21). It claims to have over 108 million users and 3.4 million merchants on its platform.
Following up on the filing of the Draft Red Herring Prospectus with SEBI on 12th July 2021, the appointment of an experienced and robust Board takes the company one step closer to list on the bourses.