MobiKwik CEO Bipin Preet Singh recalls early struggles, relocated from South Delhi due to high rent

In a recent podcast interview, Bipin Preet Singh, the co-founder and CEO of MobiKwik, shared insights into the early challenges faced during the inception of the fintech firm in 2009. Singh revealed that the high cost of living in South Delhi prompted him to relocate, highlighting the financial constraints of running a startup.

“We had an apartment in South Delhi earlier, but then we figured out that South Delhi was way too expensive – to pay the rent and run a startup. Then we moved to Dwarka,” Singh explained during the Master’s Union podcast.

Delving further into the early days of MobiKwik, Singh disclosed that the rent for their first office in Dwarka was approximately Rs 12,000. The same apartment served as the initial workspace for MobiKwik, marking the starting point where the company hired its first employee.

Reflecting on the challenges of cost-saving measures, Singh reminisced about living and working in the same building, a choice made to reduce expenses. This living arrangement, however, presented its own set of hurdles, including an eager employee who would arrive at 7:30 am.

“In the drawing room, we had these tables set up. We hired another crazy guy who wanted to come at 7.30 in the morning, so he used to ring the doorbell. You would open, and he would come and start working. So that’s what it takes to bet everything that you have, your life, your everything to start something on your own,” said the MobiKwik CEO. “And that’s the kind of confidence and conviction you need… if you’re all in, nobody can stop you.”