Jaipur, December 13, 2018: Reiterating its focus on its payment gateway business, MobiKwik, India’s largest fintech company, today announced the appointment of Sushant Kashyap as its Business Head for Payment Gateway and International Business. MobiKwik Payment Gateway is the third largest payment gateway in the country today and the company is targeting a 400% growth in this business in the next 1 year. In his current role, Sushant will be leading the Payment Gateway vertical of MobiKwik and will also be heading the international expansion for MobiKwik, as it ventures into newer geographies.
MobiKwik’s Payment Gateway was launched in the year 2011 with a vision to simplify payment systems in India and support ecommerce startups and large enterprises with digital payment requirements. It supports all major instruments like credit and debit cards, net banking, EMI, UPI and wallets. It has thousands of partners spread across a wide range of industries including food, travel, utilities, telecom, health, education, auto, finance and ecommerce. MobiKwik Payment Gateway is committed to delivering excellent service and has a dedicated NOC (Network Operations Centre) which works 24*7*365 days and ensures 99.999% uptime.
Sushant has over 16 years of professional experience and has worked with reputed Indian multinational companies and Indian startups. Prior to joining MobiKwik, Sushant was associated with Delhivery as the Senior Vice President, Sales for over 4.5 years. Sushant was a part of the core leadership team at Delhivery and spearheaded sales and business development for the company. An experienced professional, Sushant has successfully handled P&L responsibility and managed strategic business relationships across Ecommerce & telecom sectors in his previous stints. Prior to Delhivery, Sushant spent 10+ years at Bharti Airtel, managing multiple portfolios across sales and marketing. He was heading strategic alliances for Airtel Online. Sushant has been an entrepreneur himself and built a Rs. 30 crore venture from ground zero. He is a Master of Science in Enterprise and Business Growth from University of Glasgow.
Speaking on the appointment, Ms. Upasana Taku, Co-Founder and Director, MobiKwik said, “MobiKwik Payment gateway is amongst our fastest growing verticals and will play an instrumental role in our path to profitability. We are delighted to welcome Sushant as the Business Head of our Payment Gateway business and are confident that this business will scale newer heights and set new industry benchmarks, under his able leadership. Sushant will also be spearheading MobiKwik’s international expansion strategy as we begin our journey to venture into newer terrains. His diverse cross-cultural experience and global scale-up expertise will be handy as we script our global growth story. I wish him a successful tenure at MobiKwik.”
Added Sushant Kashyap, “India has witnessed robust developments in the digitization of payments in India in last 2 years, and more so post demonetization. MobiKwik is on track to clock a 400% growth in this fiscal and I am thrilled to be a part of this exciting journey. As per a recent report by BCG titled ‘Digital Payments 2020: The Making of a $500 billion ecosystem in India’, our country is expected to process a gross payment volume of $220 billion by 2020. I envisage that the MobiKwik Payment Business will process in excess of US$20 billion in online payments processing in the next 2-3 years. We aim to further strengthen our partner base across existing industry verticals and will particularly be focusing on verticals like education, financial services, utility and new age startup companies.”
MobiKwik’s Payment Gateway has dynamic routing algorithms that ensure 95% success rates on card payments. It powers payments for more than 30000+ ecommerce websites and apps. 99.9% of its payments are transferred to the merchants’ bank account on T+1 (next day). It aims to double the number of merchants in the next one year. It offers innovative solutions including subscription and recurring payments for SaaS billing models as well as the option of payments via Text Message or email link. Also, it offers Dynamic Marketplace Solutions for many-to-many payments. Additionally, it provides one-of-its-kind of PCI-DSS compliant Save Cards Solution for online platforms to accept debit/credit cards without the need to do security certifications. The MobiKwik Payment Gateway is the payment platform of choice for enterprises and startups, including Uber, Zomato, Dominos, sqrrl, Maruti Suzuki, Hyundai, Mahindra, IRCTC, via, EaseMyTrip, Torrent Power, Vodafone, Den Broadband, amongst others.
MobiKwik is India’s largest issuer-independent digital financial services platform, leveraging a sophisticated product and merchant acquisition capabilities. It is the second largest mobile wallet player in India. It has a network of over 3 million direct merchants, 140+ billers and over 107 million users. It has recently ventured into credit with the launch of its instant credit product called ‘Boost’. MobiKwik has also announced its foray into wealth management with 100% acquisition of Clearfunds, one of India’s leading new age wealth management platforms.
Founded in 2009 by Bipin Preet Singh and Upasana Taku, the company has raised four rounds of funding from Sequoia Capital, American Express, Tree Line Asia, MediaTek, GMO Payment Gateway, Cisco Investments Net1 and Bajaj Finance. The company has offices across many cities in India including New Delhi, Mumbai, Bangalore, Pune and Kolkata. It aspires to be the largest source of digital transactions in India and has a vision of enabling a billion Indians with one tap access to digital payments, loans, insurance and investments, by 2022.