Mobile wallet and recharge platform MobiKwik has appointed Manish Chaturvedi as Chief Sales Officer and elevated Mrinal Sinha from Chief Strategy Officer to Chief Operating Officer. Chaturvedi will be responsible for expanding the reach of MobiKwik wallet across formats and industries. He will also be managing initiatives with banks and government entities.
Chaturvedi worked as the director of merchant services in India at American Express for a little over 2 years, the director and head of client management and global merchant services for 1.5 years and as the area head of relationship management for almost 6 years at the same company. Chaturvedi previously also worked as the country representative of Nepal and Bhutan at American Express, territory manager of East India (TCPS), and at TRS as a customer service executive for almost 3 years.
Sinha, in his previous role as head of strategy, was responsible for the company’s strategic roadmap, identifier of opportunities for talent and tech acquisition and alliances for new revenue lines. As COO, he will be responsible for directing, administering, and coordinating the operational activities of MobiKwik, in line with the company’s goals, policies and objectives. Sinha will also have the mandate to drive multiple CXO type functions at the company.
Before joining MobiKwik, Sinha co-founded Brattle Foods and worked there for over 2.5 years. Before that, he worked as the corporate strategy manager at EMC for almost 2 years. He also worked with ICICI Venture as a summer intern for less than a year, at Michael and Susan Dell Foundation for 2 years and as a business analyst at McKinsey & Co for two years.
In August, MobiKwik did not get the RBI approval for a payments banks license, along with 30 other applicants.
ICICI Bank tie up
In May, Mobikwik had tied up with ICICI Bank to allow its wallet users to add cash at any ICICI Bank branch. The service was then live in Delhi-NCR with plans to extend to other cities in India soon, though no specific date had been provided.
In the same month, Mobikwik claimed to have 17 million wallet users, out of which 90% of the processed transactions were on the mobile while 10% on desktop. It currently claims to have 25 million users with 50,000 retailers, however, the number of active users is not clear. In December 2014, Mobikwik had 10 million wallet users, of which 7 million were on mobile.
In April, MobiKwik has appointed Saurabh Srivastava as Chief Marketing Officer. In the same month, it raised ~$25 million in Series B funding led by Tree Line Asia, existing investor Sequoia Capital along with Cisco Investments and American Express. MobiKwik said that it would use the funds on investing in technology data analytics, brand building and growing its user and merchant base.