Key Points of MobiKwik IPO Filing Plans by Co-Founders:
- MobiKwik, a payment service provider based in Gurugram, plans to re-file for an IPO within the next 12-18 months.
- Upasana Taku, Chairperson, Co-Founder, and COO of MobiKwik, revealed the company’s plans in a recent interview with Moneycontrol on March 21, 2023.
- MobiKwik’s previous IPO plans lapsed in November 2022 after Paytm’s IPO performed poorly.
- Despite a 15 percent increase in consolidated loss to Rs 128 crore in FY22, MobiKwik expects to achieve profitability in FY24.
- MobiKwik had filed its draft papers with SEBI in July 2021 for an IPO in FY22, but did not proceed due to negative market sentiment towards tech stocks.
- Taku revealed that MobiKwik is now in a position to re-file its IPO within the next 12-18 months, despite the drop in BNPL valuations globally.
- MobiKwik is also in talks with investors to raise up to $100 million in equity to fund business expansion after deferring its initial public offering.
- MobiKwik’s reputation as a profitable company with a user-friendly mobile app has led to a surge in new downloads from small towns in India.
Details of MobiKwik IPO Filing Plans by Co-Founders:
MobiKwik to Re-file IPO within Next 12-18 Months, Says Co-Founder and COO
Gurugram-based payment service provider MobiKwik plans to file for an Initial Public Offering (IPO) within the next 12-18 months, according to Upasana Taku, Chairperson, Co-Founder, and COO of the company. In a recent interview with Moneycontrol on March 21, 2023, Taku revealed that the company plans to go a little small this time, citing the lack of SEBI approvals for tech companies in the last year. MobiKwik’s previous IPO plans lapsed in November 2022 after Paytm’s disastrous IPO.
MobiKwik’s Financial Position:
Despite a 15 percent increase in consolidated loss to Rs 128 crore in FY22, MobiKwik expects to achieve profitability in FY24. According to Tofler, consolidated revenue from operations increased by 82.5 percent to Rs 526.5 crore, while total income increased by 80 percent to Rs 543 crore. Total expenses also rose by 61 percent to Rs 652.5 crore, with employee benefit expenses almost doubling to Rs 107 crore and other expenses increasing by 55 percent to Rs 545 crore.
MobiKwik’s IPO Plans:
MobiKwik was gearing up to list in FY22 and had filed its draft papers with the Securities and Exchange Board of India (SEBI) in July 2021. However, the company did not proceed with its IPO plans due to negative market sentiment towards newly-listed tech stocks. Taku revealed that MobiKwik is now in a position to re-file its IPO within the next 12-18 months, despite the drop in BNPL valuations globally.
“We are a profitable company, we have burned less than Rs 50 crore. We are getting huge numbers of new downloads from small towns in India. Technology is becoming a tool to democratise financials,” said Taku.
MobiKwik’s Equity Funding Plans:
In July 2022, Taku revealed that One Mobikwik Systems Ltd is in talks with investors to raise as much as $100 million in equity to finance business expansion after deferring its initial public offering. MobiKwik has been experiencing a surge in new downloads from small towns in India, thanks to its reputation as a profitable company with a user-friendly mobile app.
About MobiKwik:
bhttp://www.mobikwik.com/ is a Fintech company, we are one of the biggest mobile wallet providers and Buy Now Pay Later (BNPL) players in India. Over the last decade, the number of users adopting digital payment methods has grown rapidly, but credit card usage in the country remains low at just 3.5%.
For More Latest News Click Here
