Kunal Jhunjhunwala completed schooling from the Bombay International School. He later did Bsc from the United States.
Kunal Jhunjhunwala is the nephew of legendary stock market investor Rakesh Jhunjhunwala, who passed away last year. Kunal is the founder of Airpay Payment Services Limited. Before the pandemic hit Indian shores, the company had been facing an existential crisis. Its business had slumped, the valuation of his company halved and his two co-founders decided to quit. Jhunjhunwala, however, didn't quit and scripted a turnaround story.
It has been three and a half years since the crisis hit Airpay. The company hasn't folded. They are also trying to foray into the international market by raising between Rs 240 crore-Rs 400 crore, reported Mint.
Kunal Jhunjhunwala founded the company in 2012 along with Rohan Deshpande. Amit Kapoor also became a third co-founder. Kunal's family, including father Rajesh Jhunjhunwala, and late uncle Rakesh Jhunjhunwala, own nearly 80 percent.
The company was valued at Rs 80 crore, according to the paper. In 2020, when he raised another round, the valuation was lowered by half.
Before the devaluation, the company's revenue had lowered by 13 percent. In the financial year 2019-2020, it further lowered by 60 percent, reported the paper. After hitting rock bottom, Kunal Jhunjhunwala affected a turnaround. In 2021-22, the net profit of the company was Rs 21 crore. The previous year, they had hit a loss of Rs 85 crore.
Last financial year, the company's revenue was Rs 125 crore.
Before the pandemic, they opened an office in Kochi with 5 staffers. That office now has 150 employees.
The company is originally a payments platform. However, they diversified their businesses. They provide software for revenue collection in lieu of a fixed fee. They also provide last-mile distribution of financial products. Their payment platform also contributes to the company's revenue.
This helped them make a comeback.
He completed schooling from the Bombay International School. He later did Bsc from the United States. He did his MBA from abroad.
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 "Kunal Jhunjhunwala founded the company in 2012 along with Rohan Deshpande.")
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