The new appointees are:
- Fomer Blackstone MD Punita Kumar Sinha
- Retired Indian diplomat Navdeep Singh Suri
- PaySense cofounder Sayali Karanjkar
- LinkedIn’s CTO Raghu Ram Hiremagalur
“The appointment of an experienced and robust board takes the company one step closer to being the first fintech company to list in India,” according to a company statement issued on Friday.
On Aug. 12, MobiKwik
filed a draft red herring prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India, to raise Rs 1,900 crore ($255 million) through an IPO. Of this, Rs 1,500 crore will be raised by issuing fresh stock and the rest via an offer for sale.
As of June, the company had more than 108 million users and 3.4 million merchants on its platform.
“As a company, we stand on the precipice of a monumental milestone—an Initial Public Offering in India. It is of utmost importance that the board believes in our journey, our people, and our vision over the next decade and more,” Bipin Preet Singh, cofounder and chief executive of MobiKwik, said in the statement.
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“In my extensive conversations with Punita, Navdeep, Sayali, and Raghu, I have found harmony in their beliefs and MobiKwik’s vision,” he sad. “The holistic expertise of our new board members in our sector, public policy, technology, and business will provide an added thrust to MobiKwik’s strategic direction.”
Punita Kumar Sinha has over three decades of experience in investment management in emerging and international markets. She is the founder and managing partner at Pacific Paradigm Advisors and previously was senior managing director at Blackstone Group and chief investment officer of Blackstone Asia Advisors. She has also worked at Oppenheimer, Legg Mason, and World Bank’s International Finance Corp.
Navdeep Singh Suri has had a 36-year long career in the Indian Foreign Service, during which he served at India’s diplomatic missions in Cairo, Damascus, Washington, Dar es Salaam and London. He was India’s Consul General in Johannesburg, High Commissioner to Australia, and Ambassador to Egypt and the United Arab Emirates (UAE).
Sayali Karanjkar, cofounder and chief business officer of fintech startup PaySense (acquired by PayU in 2020), had also cofounded the local discovery platform Outsy. She spearheaded business development at Final Mile Consulting and had also worked in AT Kearney and AT&T.
Raghu Ram Hiremagalur is currently the chief technology officer and vice president-engineering at LinkedIn. He has worked with companies like Zynga and Paypal.