Bipin Preet Singh graduated from IIT Delhi in 2002. In April 2009 he founded MobiKwik with his wife, Upasana Taku. He had moved to Dwarka because South Delhi was too expensive, and the first office was his own home.
He built a prepaid wallet that worked for mobile recharges and online checkout at a time when cards were rare in India. He told Quartz that the early website needed frequent rebooting, so he carried his laptop everywhere as tech lead.
The RBI authorised MobiKwik's semi-closed wallet in 2013. After the 2016 demonetisation, transactions rose 400%. Investors included Tree Line Asia, Sequoia, Cisco, American Express, GMO Internet, MediaTek and Bajaj Finance.
The company filed for an IPO in 2021 and deferred it. It listed on the NSE and BSE in December 2024 and raised Rs 572 crore. FY24 revenue was Rs 875 crore with a net profit of Rs 14 crore.