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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…

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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.

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