One MobiKwik Systems get Sebi's nod for IPO
MobiKwik will allocate the raised funds for expanding its business (Rs 250 crore), for growth in the payment services sector, for investment in data in machine learning, AI, and technology (Rs 135 crore each), for capex related to payment devices (Rs 70 crore), and the remaining amount for general corporate purposes.
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Digital banking platform One MobiKwik Systems Limited has received approval from the Securities and Exchange Board of India (SEBI) to get listed on the stock market.
The fintech startup refiled its IPO documents in January this year. MobiKwik is set to raise Rs 700 crore through Initial Public offering (IPO). Initially, it filed for a public listing in late 2021 but did not receive a regulatory nod then.
As per the media reports, MobiKwik will allocate the raised funds for expanding its business (Rs 250 crore), for growth in the payment services sector, for investment in data in machine learning, AI, and technology (Rs 135 crore each), for capex related to payment devices (Rs 70 crore), and the remaining amount for general corporate purposes.
Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik offers a range of financial services such as online checkout, Kwik QR scan and pay, MobiKwik Vibe (Soundbox), MobiKwik EDC Machine, etc.
Its subsidiary Zaakpay manages a B2B payment gateway for e-commerce businesses.
The company has 156 million registered users as of March 31, 2024. Mobikwik reported a net profit of Rs 14 crore in FY24 compared to a net loss of Rs 80.6 crore a year ago. Its operational revenue jumped 62% on year to Rs 875 crore from Rs 539 crore in FY23. The total income also increased to 890.32 crore in FY24. The company reduced its advertisement expenses to Rs 33.41 in FY24 from Rs 44.05 million. Its ROCE and EBITDA margins improved to 15.21% and 4.16% respectively.
