Welcome back to Brands pe charcha! From cosmetics to digital wallets, we’re showcasing diverse industries. Today, we delve into the story of Upasana Taku and the significant impact of MobiKwik on India’s digital economy.
The financial industry has long been dominated by men, with banking, payments, and lending historically controlled by male-led institutions. But times are changing, and at the forefront of this transformation is Upasana Taku, a woman who not only entered the fintech battlefield but also built a company that revolutionized digital payments and lending in India.
Her story is one of courage, persistence, and breaking stereotypes. She didn’t come from a billionaire business family, nor did she have massive funding to begin with. Instead, she relied on her sharp intellect, deep industry experience, and an unwavering belief in her vision.
This is the story of how Upasana Taku turned MobiKwik into a fintech powerhouse, competing with giants like Paytm, Google Pay, and PhonePe—and, more importantly, how she inspired millions of women to believe that they, too, can lead in industries traditionally ruled by men.
From a Small-Town Girl to a Global Fintech Leader
Born and raised in Gandhinagar, Gujarat, Upasana was a bright and ambitious student. She pursued engineering at NIT Jalandhar, where she majored in Industrial Engineering. Unlike many who stop at a bachelor’s degree, Upasana set her sights higher.
She went on to study at Stanford University, one of the world’s most prestigious institutions, where she specialized in Management Science and Engineering. It was here that she was exposed to the world of financial technology, payments, and global banking systems.
After Stanford, she worked with global financial giants like HSBC and PayPal, gaining hands-on experience in digital payments, risk assessment, and fraud management—the very foundation of what would later become MobiKwik.
Most people in her position would have chosen to continue a high-paying corporate career abroad. But Upasana was different. She saw a massive opportunity in India’s underdeveloped digital payments sector and wanted to bring change.
In 2009, she made a bold move: She left her job in the US, returned to India, and started MobiKwik with her husband, Bipin Preet Singh, using ₹50 lakh from their savings.
At the time, the Indian fintech ecosystem was in its infancy. Paytm had just started gaining traction, and people were still hesitant about mobile wallets and digital transactions. But Upasana saw the future before anyone else did—she knew that in a country with over 1.4 billion people, digital finance had the potential to explode.
Breaking Barriers in a Male-Dominated Industry
The fintech industry has been largely male-led, with companies like:
- Paytm (Vijay Shekhar Sharma)
- PhonePe (Sameer Nigam, Rahul Chari)
- Razorpay (Harshil Mathur & Shashank Kumar)
- Google Pay (Caesar Sengupta, Ambarish Kenghe, Sujith Narayanan)
dominating the space.
But Upasana Taku changed the narrative. She wasn’t just an executive in a fintech company—she built one from scratch and scaled it to new heights.
When she started pitching MobiKwik to investors, she was often the only woman in the room. Many investors and stakeholders doubted her ability to lead a fintech company, questioning whether she could survive in such a highly competitive, male-driven market.
She faced skepticism, gender biases, and resistance—but instead of backing down, she focused on execution.
MobiKwik’s Growth Story: The Numbers Speak for Themselves
MobiKwik didn’t just survive in this cutthroat industry—it thrived.
Financial Growth & Revenue Surge
- Revenue Growth:
- ₹5.4 Cr (FY17)
- ₹69 Cr (FY19)
- ₹302 Cr (FY21)
- ₹540 Cr (FY23)
- Profitability:
- Unlike many fintech startups that burn cash, MobiKwik achieved operational profitability in 2021.
- By FY23, the company had a positive EBITDA of ₹9.6 Cr, setting it apart from loss-making competitors.
- Market Share:
- Holds a 10%+ market share in India’s digital wallet space, competing with Paytm, Google Pay, and PhonePe.
- In the digital lending space, MobiKwik is emerging as a key player, bridging India’s credit gap.
- Valuation & Investor Backing:
- MobiKwik is valued at $700 million as of 2023.
- Backed by global investors like Sequoia Capital, American Express, Bajaj Finance, and Abu Dhabi Investment Authority.
- User Base & Reach:
- Over 140 million registered users.
- Partnered with 3.7 million merchants, making it a dominant force in India’s digital economy.
While Paytm dominates the merchant payment ecosystem, MobiKwik has strategically shifted its focus to digital credit, a move that is paying off big time.
The Game-Changing Strategy: Digital Credit for the Underserved
In a country where over 400 million people have no access to formal credit, Upasana saw a massive opportunity.
Instead of focusing solely on payments, MobiKwik transitioned into a digital lending powerhouse.
Key Offerings in Digital Credit & Lending
- MobiKwik Zip:
- A Buy Now, Pay Later (BNPL) service offering instant credit up to ₹60,000.
- 7.5 million users already benefiting from this.
- AI-Based Credit Assessment:
- Even users without a formal credit score can access loans.
- Microloans & Insurance Products:
- Designed for middle-income and underserved users.
- Strategic NBFC Partnerships:
- Collaborations with Bajaj Finance, ICICI Bank, and other financial institutions have fueled growth.
By focusing on credit inclusion, MobiKwik has found a unique niche in the fintech space, setting itself apart from Paytm, PhonePe, and Google Pay.
Social Media & Brand Visibility: The Digital Push
Upasana understood early on that brand positioning in fintech isn’t just about services—it’s about trust.
She leveraged social media, influencer collaborations, and digital campaigns to establish MobiKwik as a trusted financial partner for millions.
- Instagram & Twitter: Over 110K+ followers combined.
- Viral Campaigns: #MobiKwikWaliDiwali and festive cashback offers.
- YouTube Explainers & Tutorials: Educating users on financial literacy and digital credit.
- Strategic Partnerships: Partnered with Uber, IRCTC, Flipkart to boost visibility.
Unlike competitors focused on discounts and cashbacks, MobiKwik positioned itself as a fintech brand that empowers users with financial freedom.
Lessons for Future Women Entrepreneurs
Upasana’s journey is proof that women can lead and succeed in any industry, including fintech.
- Success isn’t about where you start, but where you dare to go.
- You don’t need to follow the rules—break them and build your own path.
- Finance isn’t just for men. Women belong at the top of the industry, too.
Conclusion: A Woman Who Changed the Face of Indian Fintech
When Upasana started, she wasn’t taken seriously because she was a woman in finance. Today, she is one of the most influential fintech leaders in India, proving that gender has nothing to do with success—vision, execution, and resilience do.
To every young girl reading this: If Upasana can build a ₹500 Cr+ fintech empire in a male-dominated industry, what’s stopping you from chasing your dreams?
The world is waiting for more Upasanas. Go out there and make it happen.
