Introduction:
In the dynamic world of India’s fintech scene, Upasana Taku’s vision stands as a beacon. As the co-founder of MobiKwik, she made the bold decision to leave a successful career in Silicon Valley to lead a digital payments revolution in India. Her journey from a small town in Gujarat to becoming a prominent figure in India’s startup ecosystem exemplifies perseverance, innovation, and the power of believing in oneself.
Leaving Comfort for a Dream
Upasana Taku’s story started far from the startup hubs. Born in Gandhinagar, Gujarat, she excelled in academics, earning an engineering degree from NIT Jalandhar and later an MS in Management Science and Engineering from Stanford University. Her talents led her to roles at HSBC and then PayPal in San Diego, where she gained extensive experience in global payment systems.
By 2008, Upasana felt a disconnect. Despite her success, she longed for something more fulfilling. “Work had become too easy,” she says. “I didn’t want to be just another corporate employee.” Driven by a desire to contribute to India’s emerging startup scene, she left her comfortable Silicon Valley life and returned to India.
The Birth of MobiKwik
Once back in India, Upasana dove into the local startup environment, networking with entrepreneurs and identifying market gaps. She saw a significant opportunity: the absence of a digital wallet system like PayPal in India. At a time when cash was king and online payments were viewed with suspicion, Upasana recognized the potential for a digital transformation.
In 2009, she met Bipin Preet Singh through a mutual friend, and their shared vision for India’s fintech landscape quickly turned into a partnership. Together, they co-founded MobiKwik, aiming to bring cashless transactions to the masses.
Facing Challenges with Determination
The early days of MobiKwik were challenging. Upasana and Bipin began the company in a small room in Dwarka, Delhi, with just a few employees. Financial constraints were a constant struggle, pushing them to bootstrap the business and work tirelessly to keep their vision alive.
One of their biggest challenges was convincing a skeptical public to trust digital payments. “People were used to cash,” Upasana notes. “We had to change not just habits but mindsets.” The team worked tirelessly to create a user-friendly platform and build partnerships to broaden their reach.
Navigating a Male-Dominated Industry
As a female entrepreneur in a predominantly male tech industry, Upasana faced additional obstacles. She encountered gender biases and often found herself the only woman in business meetings.
Yet, Upasana turned these challenges into advantages. “Being underestimated can be a strength,” she says. “It allows you to surprise people.” Her technical skills, business savvy, and relentless determination quickly earned her respect in the industry.
The MobiKwik Breakthrough
MobiKwik’s major breakthrough came in 2016 when the Indian government announced demonetization, removing high-value currency notes from circulation. Suddenly, digital payments became a necessity rather than a convenience, and MobiKwik was perfectly positioned to meet the surge in demand.
The company experienced a 400% increase in transactions, with its user base expanding to over 45 million. This explosive growth attracted significant investments, including a $50 million funding round from prominent investors like Net1, GMO Payment Gateway, and Sequoia Capital.
From Wallet to Fintech Leader
With success came growth. Under Upasana’s leadership as COO, MobiKwik evolved from a digital wallet to a comprehensive fintech platform. The company launched Zaakpay, a payment gateway for e-commerce businesses, and introduced features like “Buy Now Pay Later” to attract credit card users.
Upasana’s vision extended beyond just facilitating transactions; she aimed to use MobiKwik as a tool for financial inclusion, bringing banking services to underserved populations across India. “Technology can level the playing field,” she asserts. “We’re not just building a business; we’re building a more financially equitable India.”
Recognition and Future Vision
Upasana’s contributions to the fintech industry have been widely recognized. In 2016, she was featured in Forbes’ “Women to Watch” list, and in 2017, she received the Best Woman Entrepreneur Award from ASSOCHAM. In 2018, she was honored by the President of India as the first woman to lead a payments startup in the country.
Looking ahead, Upasana remains ambitious. She aims to double MobiKwik’s revenue to Rs 1,000 crore in the current fiscal year and achieve full-year profitability. Beyond the financial targets, her goal remains consistent: to continue innovating and expanding financial access across India.
Timeline of Key Events:
- 2008: Upasana Taku returns to India from Silicon Valley
- 2009: Co-founds MobiKwik with Bipin Preet Singh
- 2012: Launches Zaakpay, a digital payment gateway
- 2016: MobiKwik experiences 400% growth following demonetization; raises $50 million in funding
- 2018: Honored by the President of India for her contributions to fintech
- 2021: MobiKwik reaches a valuation of $700 million
Key Takeaways:
Upasana Taku’s journey with MobiKwik offers invaluable lessons for aspiring entrepreneurs. Her story highlights the importance of identifying market gaps, persevering through challenges, and continuously innovating to stay ahead. Her success also underscores the growing opportunities for women in tech and finance, proving that with vision, determination, and the right team, it’s possible to overcome gender barriers and build a world-class company. Above all, her journey reminds us that true entrepreneurship goes beyond profit – it’s about creating solutions that make a positive impact on millions of lives.
