Fintech unicorn MobiKwik has refiled its Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 700 crore ($95.2 million) for its initial public offering (IPO). The company had previously filed its DRHP in July 2021 for a Rs 1,900-crore ($258.7 million) IPO but put its plans on hold due to market conditions. MobiKwik offers digital payment solutions, including a mobile wallet and buy-now-pay-later product, and has amassed 146.94 million registered users and enabled 3.81 million merchants to conduct online and offline payments.
The company’s revenue for fiscal year 2022-23 reached Rs 539.47 crore ($73.4 million), while its loss for the year decreased by 34.60% to Rs 83.81 crore ($11.4 million) compared to the previous fiscal year. The proceeds from the fresh issue will be used for funding growth in the financial services and payment services businesses, investment in data, machine learning, and AI, and capital expenditure for the payment devices business and general corporate purposes.
Key Takeaways:
- MobiKwik has refiled its DRHP with SEBI to raise Rs 700 crore for its IPO.
- This is the company’s second attempt towards an IPO after putting its plans on hold in July 2021.
- MobiKwik offers digital payment solutions and has registered users and enabled merchants to conduct online and offline payments.
- The company’s revenue for fiscal year 2022-23 reached Rs 539.47 crore, while its loss decreased by 34.60% compared to the previous fiscal year.
- The proceeds from the IPO will be used for funding growth in various aspects of MobiKwik’s business.
Overall, MobiKwik’s decision to refile its DRHP indicates the company’s confidence in the market and its commitment to moving forward with its IPO plans. By raising funds through the IPO, MobiKwik aims to further expand and develop its financial and payment services businesses, invest in data, machine learning, and AI, and enhance its payment devices business. The company’s strong user base and merchant network position it well for growth and success in the competitive fintech industry.
