Indian FinTech MobiKwik Names Mukul Saxena CEO of Payments Platform Zaakpay

Multi-faceted payments platform MobiKwik has named banking veteran Mukul Saxena chief executive of its Zaakpay business.

Saxena previously, according to the announcement, was executive Vice President and head of the payments business at IndusInd Bank. Zaakpay is part of an expansion at MobiKwik that has seen the business go from offering a digital wallet to providing online banking, credit and buy now, pay later services. The announcement of Saxena’s appointment states that he “comes with over two decades of experience in the digital payments and the fintech ecosystem. In his previous role at IndusInd Bank, he was the executive vice president and head of the payments business.”

“Mukul joins us at a strategic time; he will help us move exponentially towards our long-term objective of transforming into a full-service neobank,” Bipin Preet Singh, co-founder, managing director and chief executive of MobiKwik, said in a prepared statement.

MobiKwik’s backers include Sequoia. The company says that as of recent investments, it has achieved unicorn status, a market value of $1 billion or more. PYMNTS reported in June that the company had put off a planned initial public offering, but had a plan to raise $100 million in equity financing.

Read more: After Postponed IPO, India’s Mobikwik Seeks $100M in Funding

Saxena worked, before IndusInd Bank, at ABN AMRO and SAAB (HSBA, Saudi Arabia), according to MobiKwik.

The company says its revenue grew 80 percent year over year in 2021.

MobiKwik states it has 127 million individual customers and 3.7 million merchant customers.

In April 2021, MobiKwik was compelled by authorities in India to arrange an external audit following a data leak.