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Obopay elevates Deepak Chandnani as global CEO

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CIOL Bureau
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BANGALORE, INDIA: Obopay, a mobile banking and payment provider, today announced the promotion of its president, Deepak Chandnani as CEO of Obopay, Inc.

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Following this the founder and CEO of the company, Carol Realini, will assume the new role of executive chairman.

In his new role, Chandnani will focus on the company’s significant growth in size and geographic scope, while Realini will continue her focus on corporate strategy as well as furthering Obopay’s corporate vision: evangelizing the need for mobile money and building its widespread adoption throughout the world, said a press release.

Chandnani will be based out of Obopay’s corporate office in Mumbai, India, while Realini will be based out of Obopay’s corporate office in Redwood City, CA.

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“Over the last two years, Obopay has shaped and led the way for the mobile banking and payments space globally,” said Realini, speaking on Chandnani’s promotion. “Our revenue has doubled over last year and we expect it to do the same in 2011. Deepak has clearly demonstrated that he can scale the company as we continue our growth around the world.”

She added that the promotion recognizes Deepak’s immense contribution as well as fulfills a need for an expanded and experienced management team as they move forward.

“Naturally, I am very pleased with our growth this year,” Chandnani commented. “But the mobile payments industry is not anywhere near its potential. At Obopay, we have laid the ground work through partnerships with market making global brands; an unparalleled understanding of local regulatory processes; and products that are meeting the demands in India, Africa and the U.S. Now, I am looking forward to leveraging these advantages into dramatic returns for the company”.

Chandnani, who was appointed president in May 2010, doubled the company’s year-over-year revenue through growth in business across the US, parts of Africa and India, the release added.

Prior to joining Obopay, Chandnani was the CEO of Wire and Wireless in India and before that served as the managing director for NCR in India. Earlier assignments included roles with Yahoo, Citibank etc, the release said.

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