MobiKwik aims for ₹700 Crore in IPO revival

Indian fintech giant MobiKwik has once again set its sights on the public market, filing a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise approximately ₹700 crore (around $94 million) through an initial public offering (IPO). This move comes as MobiKwik aims to capitalise on the renewed confidence in the IPO market, having previously shelved its plans due to challenging market conditions in 2021.

This marks MobiKwik’s second attempt at going public. In July 2021, the Gurugram-based startup initially sought to raise a substantial $250 million through the sale of new and existing shares. However, unfavourable market conditions compelled MobiKwik to withdraw its plans at that time.

Founded 15 years ago by the husband-wife duo Bipin Singh and Upasana Taku, MobiKwik has evolved from its origins as a mobile wallet provider to a comprehensive online financial services platform. Backed by prominent investors such as Peak XV, Abu Dhabi Investment Authority, and American Express, the company now operates across various financial verticals, including digital payments, credit, investment, and insurance products.

The recent filing reveals that MobiKwik is eyeing a fresh pre-IPO round to raise around $16 million. The IPO itself consists entirely of a fresh issue of equity shares, with no offer for sale component. SBI Capital and DAM Capital are leading the IPO process.

MobiKwik’s financial performance reflects resilience and adaptability. The company, which faced losses in the financial years 2021, 2022, and 2023, turned profitable in the six months ending September 30, 2023. During this period, it reported a profit of $1.1 million on revenue of $29.3 million, according to the prospectus.


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