Kunal Jhunjhunwala attended Bombay International School for his schooling. He then pursued a BSc degree in the United States.
Kunal Jhunjhunwala, the nephew of the late renowned stock market investor Rakesh Jhunjhunwala, is the founder of Airplay Payment Services Limited. Prior to the onset of the pandemic in India, the company confronted a severe crisis, with a significant decline in business and a halving of its valuation. Furthermore, his two co-founders chose to resign. Despite these challenges, Jhunjhunwala persevered and managed to orchestrate an impressive turnaround for the company.
Airpay has successfully weathered the crisis for a span of three and a half years. The company has not only managed to stay afloat but is also exploring opportunities to expand into the international market. According to a report from Mint, they are aiming to raise funds between Rs 240 crore and Rs 400 crore for this endeavour.
Kunal Jhunjhunwala established the company in 2012 in collaboration with Rohan Deshpande, who became a co-founder. Later, Amit Kapoor joined as a third co-founder. Kunal’s family, including his father Rajesh Jhunjhunwala and his late uncle Rakesh Jhunjhunwala, collectively own approximately 80 per cent of the company.
According to the publication, the company’s valuation stood at Rs 80 crore. However, during a subsequent funding round in 2020, the valuation was reduced by half.
Prior to the devaluation, the company experienced a 13 per cent decrease in revenue. As reported by the publication, in the financial year 2019-2020, the revenue further plummeted by 60 per cent. However, Kunal Jhunjhunwala managed to initiate a remarkable turnaround for the company. In the fiscal year 2021-2022, the company achieved a net profit of Rs 21 crore, in stark contrast to the previous year’s loss of Rs 85 crore.
In the most recent financial year, the company generated a revenue of Rs 125 crore.
Prior to the onset of the pandemic, the company established an office in Kochi with a staff of 5 individuals. Currently, that office has expanded significantly and now employs 150 individuals.
Originally operating as a payments platform, the company has ventured into diversifying its business offerings. Alongside processing payments, they now provide software solutions for revenue collection, charging a fixed fee for their services. Additionally, they engage in last-mile distribution of financial products. The company’s payment platform continues to contribute significantly to its overall revenue.
These strategic moves aided in their successful comeback.
He completed his schooling at Bombay International School and later pursued a BSc degree in the United States. He further obtained an MBA degree from an overseas institution.