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MobiKwik aims to raise Rs 700 crore through IPO, refiles DRHP with SEBI

News update

A fintech startup based in Gurugram MobiKwik is set to raise Rs 700 crore through an initial public offering (IPO) after it re-files its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). This fresh issue of shares without any offer for sale will be done through a book building process, MobiKwik said in a recent statement. The IPO size has been reduced from the previous filing of Rs 1,900 crore in 2021. In addition, the company has mentioned the possibility of further issuance of specified securities, including private placement, preferential allotment, rights issue or any other method, of Rs 140 crore as a «Placement before the IPO’. If this placement occurs, the new release will be resized accordingly.

MobiKwik plans to allocate proceeds from the new issue as follows: Rs 250 crore for growth in financial services, Rs 135 crore for payment services business, Rs 135 crore for investments in data, ML and AI, products and technology. , Rs 70.28 crore on capital expenditure for payment device business and for general corporate purposes.

Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik offers a range of payment and financial services to businesses and merchants, and operates a B2B payment gateway for e-commerce businesses. The company has received approval from the Reserve Bank of India for its payment aggregator business. As of September 30, 2023, MobiKwik boasts of 146.94 million registered users.

In its FY23 financial report, MobiKwik posted revenue of Rs 539.47 crore, up slightly from Rs 526.56 crore in FY22. However, the company reported a reduced loss of Rs 83.81 crore for FY23, which is down 35% from Rs 128.16 crore in FY22. For the six months ended September 30, 2023, MobiKwik’s operating revenue stood at Rs 381.09 crore with a profit after tax of Rs 9.48 crore.

MobiKwik’s move to raise funds through an IPO reflects its determination to strengthen its position in the fintech sector and expand its services to meet the evolving needs of its users and partners.

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