wordpress blog stats
Connect with us

Hi, what are you looking for?

, , ,

Deepak Chandnani Made Global CEO Of Struggling Mobile Payments Co Obopay

Deepak Chandnani, previously President at mobile banking and payment provider Obopay has been promoted to the role of CEO of Obopay; Carol Realini, founder of the company, will assume the role of Executive Chairman at the company. She’ll be based out of Obopay’s corporate office in Redwood City, California, USA, while Chandnani will operate from Mumbai. In a statement, the company says that Obopay’s revenue has doubled over the last year, through growth in business across US, parts of Africa and India.

However, according to a statement released by Obopay investor Elephant Capital late last year, total revenue (of Obopay) ‘for the first nine months to September 2010 was US$3.8m (vs. US$ 293k for the whole of 2009) reflecting strong “Development and customisation fees” of US$3.6m (vs. US$234k for FY09), which is “lumpy” as fee income from professional services engagements is deferred until completion; the net loss was US$22.6m.”

Change In Operating Model With Nokia In India

Chandnani, who was previously CEO of BSE listed Essel group MSO Wire and Wireless India, had joined the company in November 2008, with responsibility for operations in India, Africa and Asia. Under him, Obopay partnered with Union Bank of India, Yes Bank, Societe General, Essar, MasterCard, FIS Global and the STAR network. Obopay also powers the bill payment service for Indian telecom operator BSNL. With Nokia, Obopay’s service is being offered in Pune and Chandigarh, and is ready to launch in Nashik (Maharashtra) and Gurgaon (near Delhi).

But the relationship with Nokia is set to change: according to the statement from Elephant Capital in November 2010, “The roll out of the Obopay service in India has been slower than forecast, and as a result, Obopay has developed a new working relationship with Nokia, which will result in Nokia taking over the “go to market” functions of the service in India; Obopay will provide a managed service which will enable the Nokia offering.

Nokia itself is expanding its mobile payments rollout in India. Last month, it announced plans to convert Nokia Stores into Banking Correspondents, and tied up with Union Bank of India. As of Feb 2010, Obopay had raised $137 million in five rounds of funding, $70 million of which were raised from Nokia and some existing investors in February 2009.

Advertisement. Scroll to continue reading.

Note: Financial and investment information from filings by Elephant Capital – 2010 Interim Annual Report, November 2010 Update.


Deepak Chandnani Appointed President Of Obopay Inc

Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.



Releasing the policy is akin to putting the proverbial 'cart before the horse'.


The industry's growth is being weighed down by taxation and legal uncertainty.


Due to the scale of regulatory and technical challenges, transparency reporting under the IT Rules has gotten off to a rocky start.


Here are possible reasons why Indians are not generating significant IAP revenues despite our download share crossing 30%.


This article addresses the legal and practical ambiguities in understanding the complex crypto ecosystem in India.

You May Also Like


Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...


135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...


Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...


By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ