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MobiKwik: Dealing With the Fallout From an Alleged Data Breach and Its Repercussions on Its Proposed IPO
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Author(s): Rajeev Sengupta (Dr. Vishwanath Karad MIT World Peace University, India), Ameya Anil Patil (Dr. Vishwanath Karad MIT World Peace University, India), Monica Apte (Dr. Vishwanath Karad MIT World Peace University, India)and Sushil Nirbhavane (Dr. Vishwanath Karad MIT World Peace University, India)
Copyright: 2023
Pages: 20
Source title:
Cases on the Resurgence of Emerging Businesses
Source Author(s)/Editor(s): Shefali Saluja (Chitkara Business School, Chitkara University, India), Dhiresh Kulshrestha (Chitkara Business School, Chitkara University, India)and Sandhir Sharma (Chitkara Business School, Chitkara University, India)
DOI: 10.4018/978-1-6684-8488-3.ch010
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Abstract
Bipin Preet Singh and Upasana Taku, the power couple of the FinTech world, had sought to differentiate their wallet company by turning it into a microloan disbursement platform. Simultaneously, they had been extending the number of physical stores that accept MobiKwik payments. Mobikwik's image suffered a big blow in February 2021 when it was reported to have compromised the KYC details of over 3.5 million users, in addition to making personal details of 100 million phone users public, which landed the startup on the radar of the regulator Reserve Bank of India following an RTI (Right to Information Act 2005) petition. This also had an impact on its future IPO. The markets had not been receptive to FinTechs accessing capital markets, and its competitor company Paytm's IPO was a disaster. Crises planning and associated risk management was vital for MobiKwik. Was the response to the crises appropriate and effective? Bipin and Upasana were dealing with issues impacting their brand reputation and a possible fallout and impact on their upcoming IPO.
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