Mobikwik aims to become the first payments startup to list on Indian bourses
- Mobikwik aims to turn profitable by 2020-21.
- It has a wide client list with IRCTC, Uber, Blue Dart and Hyundai.
- Mobikwik’s revenues in FY 2019 was 3.5 times higher than those in previous year, at ₹18.4 billion.
Indian payments startup Mobikwik has ambitious plans for growth, and yet want to chart its path with profitability in sight. In July this year, its payment gateway business turned profitable but that is not their endgame.
Mobikwik which has an enviable client list like IRCTC; and multinationals like Uber, Blue Dart and Hyundai. It also managed to attract startups like Zomato, Grofers, Dream 11 for its payments business.
“We will double down on our fintech scaleup in 2020 to make 2020-21 our first full year of profitable growth. Once we hit this landmark milestone, we will march forward towards an IPO in 2023-24. We will aspire to become the first Indian fintech and first Indian payments - company to get listed in India,” the company said in response to queries by Business Insider India.
Mobikwik’s revenues in FY 2019 was 3.5 times higher than those in previous year, at ₹18.4 billion. It chased credit growth and disbursed 350,000 fully digital loans, and its loan book now stands at $24 million.
Alongside this rapid growth, it is hoping that its revenues will swell to ₹4.8 billion by the end of the current financial year. It hopes to achieve a pretax profit break-even by the end of 2019.
In July, the company raised as much as ₹8.67 crore from Trifecta Capital and NDTV. Its previous investors include Sequoia Capital and American Express among others.
“Over 94 million unique cards are saved on MobiKwik PG platform; this includes 20 million credit cards which is 50% of all credit cards issued in India,” the company said. It has a network of over 3 million direct merchants and over 107 million users.