MobiKwik files draft to raise Rs.1,900 crore via IPO

About Rs 1,500 crore will be primary share sales while up to Rs 400 crore will be secondary share sales where existing investors can sell their stake.

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Recently after the stock closing today we saw that, online payment firm MobiKwik has filed its draft documents to raise Rs 1,900 crore on IPO, which is the latest amongst the cut off process for internet companies waiting to list on stock exchanges.

The MobiKwik app was founded in the year 2009 by couple Bipin Preet Singh and Upasana Taku as the duo, they launched One MobiKwik Systems Limited which was last valued at $700 million after when it was raised at $20 million last month from Abu Dhabi Investment Authority.

For the year ended March 31, 2021, MobiKwik’s total income had a downfall  of 18 per cent to Rs 302 crore while its losses rise at 12 per cent to Rs 111 crore.

Its investors are ventured firm of Sequoia Capital India, Bajaj Finance, Amex, Tree Line and Cisco.

While filing a case it said that, “the promoters Singh and Taku has planned to sell about Rs 190 crore of their stake, besides this Sequoia and Bajaj Finance have decided to sell Rs 95 crore and 69 crore respectively.”

It also added that it offers 15-30 days Buy Now, Pay Later  to existing customers on the back of their payments and transaction data along with credit. It launched its first app-based lending in 2018 with  partnership firms NBFCs like Bajaj Fin, Aditya Birla Cap and DMI finance by leveraging data of 120 mn users.

MobiKwik’s IPO process is being handled by ICICI Securities, BNP Paribas, Credit Suisse, IIFL Securities and Jeffries.

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