Upasana Taku: redefining fintech and empowering women  

Upasana Taku was the one who broke all stereotypes and entered the world of success that she had built with her own hands. She stands out as a shining example of hard work, determination, and visionary leadership in a world where entrepreneurship and innovation are highly valued. As the co-founder and CEO of MobiKwik, one of India’s leading digital payment platforms, Upasana has not only disrupted the fintech industry but has also inspired countless individuals, especially women, to pursue their passions and dreams.    

Upasana Taku’s journey into the male-dominated field of fintech is a testament to the fact that women can excel in any domain. As the first Indian woman in fintech, her journey from passion to profit is a story worth knowing. This article will provide you with insights into Upasana’s personal and professional life, the hurdles she overcame, and the milestones she achieved.  

Mobikwik    

Mobikwik is a digital payment service provider that offers a mobile-based payment system and digital wallet. As it kept expanding, MobiKwik soon became an online transaction hub. Users can use Mobikwik wallet to:   

• Make payments for daily needs, such as utility bills, food delivery, and shopping.  

• Peer-to-peer payments via unified payments interface (UPI)  

• Transfer funds from the wallet to the bank.  

Mobikwik also offers digital credit to address the credit needs of digitally savvy users.  

Early life and education  

Upasana Taku’s journey began in Gandhinagar, Gujarat, where she was born and raised. She completed her schooling in Surat and then pursued engineering at the National Institute of Technology in Jalandhar. In 2002, she embarked on a new chapter by pursuing a master’s in management science and engineering at Stanford University in the United States. Stanford’s focus on entrepreneurship and real-world knowledge played a significant role in shaping Upasana’s entrepreneurial spirit.   

Her flawless educational knowledge eventually led her to HSBC Bank in San Diego, where she performed exceptionally well and gained experience in several fields, such as marketing and outreach, forecasting, and market research. Again, that was not it. Upasana’s exceptional knowledge, experience, and determination soon turned her dreams into reality as she joined PayPal as a senior product manager when the United States was experiencing changes in business dynamics.  

Personal life  

Upasana is 42 years old as of 2024. She is married to Bipin Preet Singh, her co-founder and partner at Mobikwik. The couple also has a daughter named Vidushi, but not much is revealed about her.  

Upasana is also a philanthropist who supports various causes, including education, healthcare, and women’s empowerment. She has worked closely with organizations such as the Akshaya Patra Foundation and the Smile Foundation to promote digital literacy and financial inclusion among unprivileged communities. 

How it all started  

After working for over 4 long years in the United States, Upasana decided to return to the soil, her home. She wasn’t just returning with exceptional knowledge and experience but with a big plan. Initially, she worked with several NGOs, explored rural areas and their shortcomings, and contributed. Still, soon she knew she wanted something big and different of her own, and so she decided to venture her own business into the Indian economy, which was a bold move, especially for a woman. Soon, she came up with the plan of creating a mobile wallet app. While she was making her own path to success, love also entered her life and contributed to her plan in the best way possible. She met the love of her life, Bipin Preet Singh. Together, they launched their dream venture, MobiKwik, to simplify mobile transactions in India.  

Love life   

It was in December 2008 when Upasana met the love of her life, aka her future husband, through common friends, Bipin Preet Singh, who was 2 years older than her. He was working with a Noida-based chip company. He shared the same goals as Upasana: to do something big and contribute to the Indian economy. Two such people had to do wonders together! They both shared a vision for the e-wallet firm and with combined effort and determination, they soon co-founded Mobikwik in 2009 when they were just 27 and 29. Soon after 2 years, in 2011, Upasana and Bipin tied the knot.   

Upasana’s success story: Revolutionizing the fintech sector  

Upasna and her husband Bipin initially started the company as a recharge platform in a small room in Dwarka with very few employees. As they struggled through financial problems and consistently strived to make their company better, their team started expanding. By 2011, they were a team of six! After this, there was no looking back for the duo.  

Later in 2011, Upasana and Bipin got married, and what’s shocking is that they didn’t ditch their work even on their wedding day! They were working for the company even on their big day, which showed how much they respected their own business and how much effort they kept putting in throughout their journey. Finally, in 2013, the couple got their first office with five rooms!   

What started as a recharge platform in a small room in Dwarka with a handful of employees, soon transformed into the face of mobile wallets in the country. Upasana and Bipin’s vision revolutionized the fintech sector, bringing the concept of an e-wallet to the forefront. At a time when even small recharges like rupees 10 required physical cash, MobiKwik changed the game. Now, all it takes is an app to cover all recharges, big or small. The company’s exceptional growth was evident, and by 2012, they had a team of 35 members. Their application for an RBI PPI license was successful, and they received it in 2013, marking another significant achievement.   

The first round of the company’s funding was 5 million, a milestone in itself. Soon, with the help of their first funding, they moved to an even larger office in Udyog Vihar, Gurgaon, with a total of 50 employees in the team. They continued to achieve small milestones, one after another, and by 2015, their second round of funding came through, no less than 25 million from Sequoia Capital, American Express, Tree Lina Asia, and Cisco Investment.   

In 2016, the third round of funding came through, and this time, it was 50 million, raised from net1, GMO payment gateway, MediaTek, Sequoia Capital, and Tree Line Asia. This was a remarkable milestone for the company and enough to make its name at the top of the circuit.  

Achievements and recognitions  

Upasana’s achievements and contributions to the fintech industry have been widely recognized. Some of her notable awards and honors include:  

• Forbes Women to Watch: In 2016, Taku was featured on the Forbes Women to WatchWatch list for her work revolutionizing the fintech sector.  

• Assochham Best Women Entrepreneur: in 2017, Taku received the Best Women Entrepreneur award from Assochham  

• Honored by the President of India: In 2018, Taku was among 112 women achievers honored by the then-president then-president of India, Ram Nath Kovind.  

Struggles and challenges  

All that success is never possible without facing any hurdles along the way. It is quite difficult for a woman to climb the stairs of success without others pulling her down, especially in a world that is mainly run by men. However, Upasana faced it all, and nobody was successful in stopping her success; apart from gender struggles, initially, the couple faced several struggles in making Mobikwik successful as funding was low because no bank was ready to give them a platform. Taku, as a woman entrepreneur, faced gender bias as well. However, Bipin and Taku faced all those challenges together and started receiving millions of dollars in funding. They are exactly what a power couple looks like.  

Networth  

As of 2024, Upasana Taku is 42 years old, and her Net Worth is around INR 7482 crores. Meanwhile, MobiKwik has broken many records, with over 156 million registered users and a net worth of one billion.  

Conclusion

Upasana Takus’s journey is a testament to the power of hard work, determination, and innovative thinking. Her achievements and success inspire countless individuals, especially women, who aspire to dream big and make a mark in the world of entrepreneurship and technology. 

Upasana has demonstrated exceptional vision, strategic thinking, teamwork, and a commitment to revolutionizing the fintech sector. Her story will continue to motivate and inspire future generations of entrepreneurs, innovators, and leaders.