Obopay, a leading mobile banking and payment provider announced the promotion of its President, Deepak Chandnani as CEO of Obopay, Inc. Founder and CEO, 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.

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. 

“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.  “This promotion recognizes Deepak’s immense contribution as well as fulfills a need for an expanded and experienced management team as we 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”.

“Carol and I have a strong partnership that complements each other’s capabilities,” Chandnani added.  “This has resulted in the company’s success as a pioneer serving the cause of financial inclusion as well as the goal of enhanced financial services across diverse global markets.”

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, where he established Yahoo’s first office in India, and at Citibank, where he played key roles as Marketing Director for India and Business Head of the innovative Citibank Suvidha liability business in India, HLL, and included an entrepreneurial stint that provided Chandnani with key insights into the challenges and opportunities of small, emerging growth companies.

An Economics honors graduate from St Stephens College, Delhi, Chandnani holds a MBA from the Indian Institute of Management, Ahmedabad (IIM- A).