The MoneyOnMobile heist

MoneyOnMobile looked set to breakeven. Instead, all hell broke loose. Now, the company is buried in litigation as the various people involved trade accusations and apportion blame

In March 2018, US-based Calpian looked set to take control of MMPL, the parent company of mobile payment platform MoneyOnMobile

Come August, however, and the US investors claim the company has been hijacked

A group of outsiders have taken over the company, and now control over 50% of MMPL

Accusations of forgery, fraud, betrayal and hacking abound. What happened?

Heading into 2018, mobile payment platform MoneyOnMobile was in a good place. While the company’s forward march was briefly halted by the dark, cashless cloud of demonetisation, it was now firmly in the ascendancy again. On the path to profitability, even.

In the third quarter of FY18, MoneyOnMobile posted revenues of $2.84 million, a year-on-year growth of 193%. The company’s net loss for the quarter stood at $0.42 million, a significant improvement from a loss of $1.11 million in the same quarter the previous year.

By all accounts, 2018 should have been a watershed year for the company.

AUTHOR

Sidhartha Shukla

In his earlier stint at Moneycontrol, the website owned by the Network18 group, Sid wrote on cryptocurrencies, cybersecurity, business, and finance. Born in Raipur, Chhattisgarh, Sid has spent most of his life in Jalandhar, Punjab. He has a BSc in Mathematics from St Xavier’s College, Mumbai. Sid is a comic book nerd and a big fan of Alan Moore, Neil Gaiman and Brian Azzarello. He can be reached at sidhartha at the rate the-ken.com

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