One Mobikwik Systems Ltd IPO

Last Updated: 08 March 2022 12:14 PM by 5Paisa

IPO Synopsis:
The issue size of the IPO is Rs.1,900 crore which includes a fresh issue of Rs.1,500 crore and OFS of Rs.400 crore. The book running lead managers to the issue are IIFL Securities, Credit Suisse Securities, BNP Paribas, ICICI Securities and Jefferies India Pvt Ltd. 
The promoters are Bipin Preet Singh, Upasana Rupkrishan Taku, Koshur Family Trust and Narinder Singh Family Trust.

Objectives of the issue:
1. For the funding of organic and inorganic growth
2. For general corporate purposes

MobiKwik, a fintech company is one of the leading mobile wallets and Buy Now Pay Later (BNPL) players in the country, in terms of GMV. The company’s business is divided into 3 main segments-
1. BPNL
2. Consumer payments
3. Payment gateway
The operations were started in 2009 with MobiKwik Wallet to enable people to load money into their online wallets and then efficiently pay their utility bills using that money. In 2012, a payment gateway called Zaakpay was developed, to enable online websites and other mobile apps to collect the payment from the users. MobiKwik Zip, the company’s first BNPL product was launched in 2019 with the Indian middle class as the target audience. They have 22.5 million users of MobiKwik Zip as of 31 March 2021 and the repeat user rate stood at 79.19%.
MobiKwik has over 101.37 million users, as on March 31, 2020, and more than 3.44 million e-commerce, physical retail and biller partners. As of 31 March 2021, the company has over 3.44 million merchants accepting payments through the MobiKwik wallet. The number of registered users has grown at a CAGR of 25.70% between the period of FY19 and FY21. 

Financials: