Gurugram-based fintech company Mobikwik has promoted its Senior Vice President of payments business, Chandan Joshi as company's Co-founder and CEO of payments business. Over the last two and a half years, Joshi has been managing the wallet and the payments gateway business of the company. As the CEO of the payments business, Joshi will oversee the payments business which drives 75 per cent of the revenue even as he continues to drive the sales, marketing, product and engineering functions. In his new role, all the functions in payments business unit will now report to him.

"Chandan has demonstrated all the right traits that we look for in a business leader - he leads from the front, is invested in his teams, is tenacious in driving business results and in closing large strategic deal," said Bipin Preet Singh, Co-founder & CEO MobiKwik.  An IIT graduate and with a masters in Business from London School of Business, Chandan has earlier worked as a financial trader in global financial markets with Credit Suisse in London & Hong Kong. "I share a good rapport with Upasana and Bipin and share their vision of delivering on the Digital Credit Card opportunity. I am confident that together we will be able to profitably grow MobiKwik and take the company public," said Chandan Joshi, Cofounder MobiKwik.

Speaking to Business Today in July, Co-founder Upasana Taku had said that losses have come down across all of the company's business verticals. In its FY20 annual report, MobiKwik stated that it had reduced its EBIDTA losses from Rs 112 crore in FY19 to Rs 45 crore  in FY20. The cash losses also went down to Rs 9 crore from Rs 98 crore during the last fiscal. The company's net revenue also grew over 133 per cent from Rs 162 crore to Rs 379 crore for the same period. MobiKwik earlier stated that in fiscal year 2020-21 the company could achieve a full year of profitability.

ALSO READ: Paytm user? Beware of this scam