MobiKwik plans for fresh IPO in 12-18 months
NEW DELHI MobiKwik which had remitted its November 2021 original public offer (IPO) due to choppy requests and dismal debut by rival Paytm is now aiming to go public in the coming 12- 18 months, UpasanaTaku, speaker, co-founder & COO said on Tuesday.
“We had planned (the IPO in) March 2022 but before that the Ukraine war happed and Nasdaq started crashing. So, all the multiples were going down,” Taku said on the sidelines of an event, adding that the fintech establishment continues to be in an IPO ‘ ready mode ’. The IPO size may be reduced from earlier planned Rs1,900 crore immolation. “We’ll try to go at it a little small because the main thing is to get it done. It’s a delicate request,” Taku said. In the interim, the company may look at raising finances, Taku suggested without giving details.
Last time, it raised over Rs 50 crore in debt backing. MobiKwik’s cash burn has come down to lower than Rs 50 crore annually, Taku claimed. “In the new fiscal time (starting April 1), we’re looking at being completely profitable on Rs1,000 crore topline. That’s what we’re working towards,” Taku said. Going into the new financial time, the company will conduct a primary assessment of its fiscal performance and consequently train fresh draft IPO papers with Sebi, Taku added. A tough request away, companies planning to go public will also have to navigate stricter scrutiny by controllers. lately, Sebi returned draft IPO papers of six companies, including Oravel Stays, which runs Oyo.
About One Mobikwik System Ltd
We are the largest Buy Now Pay Later (BNPL) fintech and one of the largest mobile wallets in India. Digitally paying users have been rapidly growing in India in the last decade, but the credit card penetration in the country is still only 3.5%. We are focused on addressing the unmet credit needs of the fast-growing digitally paying users by combining the convenience of everyday mobile payments with the benefits of BNPL.
Founded in 2009 by Bipin Preet Singh and Upasana Taku, we commenced operations as a mobile wallet to make digital payments convenient for our users. Our use cases have since expanded to include bill payments, e-commerce shopping, food delivery, payments at petrol pumps, large retail chains, pharmacies, Kirana stores, etc. Our platform also enables peer-to-peer payments via Unified Payments Interface (“UPI”), MobiKwik Wallet as well as MobiKwik Wallet to bank payments. Over the years we have amassed over 108 million Registered Users and more than 3.45 million e-commerce, physical retail, and biller partners.
In order to further enhance our value proposition to our online merchants, we introduced our payment gateway subsidiary Zaakpay in 2012. Zaakpay enables online websites and mobile apps to collect payments from their users using multiple payment options, including debit cards, credit cards, mobile wallets, UPI, and net banking.
In May 2019, we launched MobiKwik Zip, our flagship BNPL product, with a focus on the Indian middle-class population to enable them to make payments for daily life use cases. MobiKwik Zip is focused on providing this unserved Indian population their first experience of credit. We are a technology-first company leveraging big data analytics and deep data science (including machine learning) to continuously delight users and merchants on our platform. Our mission is to build a world-class payments and credit product for Bharat!
Product and Services
Some of its services include bill payments, e-commerce shopping, food delivery, payments at petrol pumps, large retail chains, pharmacies, Kirana stores etc. Apart from these, the company also takes care of wealth management and credit facilities of its users by providing them with services such as Mutual Funds, Digital gold, Instant Loans, Money transfers, and more services.