MobiKwik CEO says he moved to Dwarka because 'South Delhi was way too expensive'

Bipin Preet Singh, founder and CEO of MobiKwik

MobiKwik co-founder and CEO Bipin Preet Singh has recently revealed that he had to move out of a house in South Delhi after launching the fintech firm in 2009 because the rent was too high. Singh was speaking at a podcast, recalling his struggles during the early years of the digital banking platform.

"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 said in the Master's Union podcast.

Elaborating more on their early days, he added how the rent for their first office in Dwarka was around Rs 12,000. "That apartment where we lived on rent, I still remember it was Rs 10,000- Rs 12,000 rent. It was the first office, in a way, of MobiKwik. Because that's where we hired the first person," Bipin Preet Singh said.

But because Singh used to live and work in the same building to save cost, it came with its own set of challenges. One of them was in the form of an enthusiastic employee who would show up 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," the MobiKwik CEO  said. "And that's the kind of confidence and conviction you need... if you're all in, nobody can stop you."

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