In the late 2000s, India’s digital payments infrastructure was still underdeveloped. Cash dominated transactions, and online payments were cumbersome. While working at PayPal in the U.S., Upasana Taku saw the massive potential for mobile-first payment solutions in India. Returning home, she and her husband, Bipin Preet Singh, envisioned a simple digital wallet that could help Indians pay easily without cash.
Upasana and Bipin co-founded MobiKwik from their apartment in Delhi. With just a small team and personal savings, they launched a prepaid mobile wallet that allowed users to recharge phones and pay utility bills seamlessly. They bootstrapped in the early days, often handling marketing, tech support, and operations themselves, also her family was initially nervous about the financial risk, but her fintech expertise gave her the confidence to persevere.
The Indian market was not fully ready for digital wallets, and convincing users to trust online payments was a tough battle for Upasana Taku and her team. MobiKwik relied heavily on word-of-mouth growth and merchant onboarding, slowly building credibility in a cash-dominated economy. By 2013, the company achieved its first breakthrough when it began attracting small-scale angel investments, which helped sustain operations and expand services.
The demonetization drive of 2016 proved to be a turning point for MobiKwik. Overnight, cash shortages drove millions toward digital payment options, leading to a rapid surge in the company’s user base. During this period, MobiKwik expanded its offerings to include UPI, merchant payments, and Buy Now Pay Later (BNPL) solutions. Upasana personally led regulatory and partnership efforts, enabling the company to stand out in a highly competitive market alongside Paytm and PhonePe.
Between 2021 and 2025, MobiKwik transformed into a multi-service fintech platform, offering digital wallets, UPI, credit, and other financial services to millions of Indians. Despite growing competition, Upasana focused on sustainable growth and user trust rather than aggressive cash-burn strategies. By 2025, MobiKwik had established itself as a key player in India’s fintech ecosystem, effectively bridging the gap between cash-reliant users and the country’s rapidly expanding digital economy.
Upasana Taku’s journey reflects courage, resilience, and the application of global experience to local challenges. She has consistently championed women in technology and entrepreneurship, inspiring small-town students and young professionals to aim beyond conventional career paths. Her vision for MobiKwik extends beyond payments—it is about driving financial inclusion and empowering millions of Indians to participate in the digital economy.
A: Growing up in a middle-class academic family instilled discipline, hard work, and a focus on education—values that guided her in building a fintech company from scratch.
A: Convincing cash-reliant Indians to trust a digital wallet in a market dominated by cash and skeptical users.
A: No, MobiKwik began bootstrapped and raised funds cautiously, prioritizing sustainable growth over cash-burning strategies.
A: She sees it as an opportunity to inspire more women to lead in technology and finance, breaking stereotypes in a male-dominated industry.
A: To drive financial inclusion, enabling every Indian to access digital payments and credit, regardless of their background.