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<ul><li>The company posted losses to the tune of ₹83.81 crore for the FY23.</li><li>It’s a completely fresh issue with no offer for sale component.</li><li>The issue proceeds will be used to fund growth, tech, capex and general corporate purposes. </li></ul>Fintech One <keyword id="20054770" type="General" weightage="20" keywordseo="mobikwik" source="keywords">Mobikwik</keyword> Systems has filed a Draft Red Herring Prospectus (DRHP) with SEBI to raise ₹700 crore for its initial public offering (<keyword id="19898327" type="General" weightage="20" keywordseo="ipo" source="keywords">IPO</keyword>). For the fiscal 2022–23, the company’s revenue from operations has increased to ₹539.47 crore against ₹526.56 crore for fiscal 2021–22. Loss for the year decreased by 34.6% from ₹128.16 crore in fiscal 2022 to ₹83.81 crore in fiscal 2023. For the six months ended September 30, 2023, revenue from operations stood at ₹381.09 crore and profit after tax stood at ₹9.48 crore. The IPO has a face value of ₹2 is entirely a fresh issue of equity shares with no offer for sale component. The company, in consultation with the book-running lead managers, may consider a further issue of specified securities including private placement, preferential allotment, rights issue, or any other method aggregating to ₹140 crore as ‘Pre-IPO placement’. If such placement is completed, the fresh issue size will be reduced. Fresh issue to fund growth The proceeds from the fresh issue, to the extent of ₹250 crore will be used for funding growth in the financial services business, ₹135 crore for funding growth in the payment services business, ₹135 crore for investment in data, ML and AI and product and technology, ₹70.28 crore for capital expenditure for the payment devices business, and general corporate purposes. The issue is being made through the book-building process, wherein not less than 75% of the issue shall be available for allocation on a proportionate basis to qualified institutional buyers, not more than 15% of the issue shall be available for allocation to non-institutional investors, and not more than 10% of the issue shall be available for allocation to retail individual bidders. Established by Bipin Preet Singh and Upasana Taku, the fintech caters to businesses and merchants. It has extensive payments and financial services like online checkout, Kwik QR scan and pay, MobiKwik Vibe (Soundbox), MobiKwik <keyword id="20076789" type="General" weightage="20" keywordseo="edc-machine" source="keywords">EDC Machine</keyword>, and Merchant Cash Advance. Its subsidiary <keyword id="20076790" type="General" weightage="20" keywordseo="zaakpay" source="keywords">Zaakpay</keyword> operates a B2B payment gateway for e-commerce businesses and has received RBI approval for its Payment Aggregator (PA) business. MobiKwik provides consumers access to various payment options and financial products in digital credit, investments, and insurance has acquired approximately 18.29 million new users every year, between Fiscal 2021 and September 30, 2023. As of September 30, 2023, the company has amassed 146.94 million registered users and enabled 3.81 million merchants to conduct online and offline payments. Its Payment GMV has grown annually by 32.33%, while MobiKwik ZIP GMV (Disbursements) surged by 354.86% from Fiscal 2021 to Fiscal 2023. As per RedSeer, the company's commitment to growth through cost-effective, technology-driven innovations is evident in its array of scaled products and its ability to maintain one of the lowest employee cost-to-revenue ratios among digital financial service platforms in Fiscal 2023. SBI Capital Markets and DAM Capital Advisors are the book-running lead managers for the IPO, and Link Intime India Private is the registrar of the offer. The equity shares are proposed to be listed on the BSE and NSE.

Mobikwik replans market debut with plans of raising ₹700 crore

New Delhi, Jul 15 () Digital payments company MobiKwik on Wednesday said its net revenue has surged 134 per cent to Rs 379 crore in FY20, and exuded confidence of hitting profitability this fiscal. MobiKwik, which competes against companies like Paytm and Flipkart-owned PhonePe, had clocked a net revenue (primarily income from transactions and income share from financial products) of Rs 162 crore in FY19. "This is the third consecutive year where we have demonstrated higher than 100 per cent growth. Our cash loss has reduced 91 per cent, last year on a revenue of Rs 162 crore, we had lost in cash Rs 98 crore, versus this year's revenue of Rs 379 crore, we have lost only Rs 9 crore in cash," MobiKwik co-founder and COO Upasana Taku told . She added that the actual loss is Rs 45 crore but much of that was paid in stocks, and therefore the cash burnt was Rs 9 crore. Taku said the company is focussing on a profitable growth strategy and has executed on it in the right manner that has helped drive 159 per cent rise in consumer payments (wallet) net revenue to Rs 230 crore and a 216 per cent jump in fintech net revenue to Rs 91 crore. She explained that MobiKwik's wallets business - which has 120 million users - had recorded net revenue of Rs 89 crore in the previous fiscal. User incentives in FY20 grew only 30 per cent, indicating that cost of acquiring and retaining users was low and the company is generating higher spends per user, she added. MobiKwik's merchant-facing payment gateway business (via its subsidiary Zaakpay) registered net revenue of Rs 190 crore in FY20, compared to Rs 101 crore in FY19 on a standalone basis. MobiKwik, which has about 325 employees, operates in three segments -- consumer payments, fintech (includes credit, mutual funds, etc), and payment gateway. In FY20, consumer payments accounted for 63 per cent of the net revenue, followed by fintech (25 per cent) and payment gateway (13 per cent). "March 2020 was a stellar month for us, our lifetime best month and we clocked a revenue of Rs 38 crore but we lost only Rs 8 lakh. So, we were set on an amazing peak and had COVID not happened, we would have already done the same or higher run rate," she said. MobiKwik expects recovery across segments by early September and is confident of showing growth and hitting profits in FY21, Taku noted. Founded in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik has raised over USD 100 million in funding from investors like Sequoia Capital, Bajaj Finance, American Express and Net1. "We are the only independent, large digital payments platform in India that is neither owned nor controlled by a large foreign company...teams (founders and employees own 45 per cent stake. It is a big achievement just to compete in this hyper-competitive market against players with deep pockets," Taku said. She emphasised that MobiKwik is focussed on building out the company and delivering value to shareholders. "On the back of Rs 26 crores raised in early 2019, we have delivered Rs 203 crore in incremental net revenue in FY2020, which is a capital efficiency of 8x," Taku said. SR BAL BAL BAL

MobiKwik net revenue more than doubles to Rs 379 cr in FY20; eyes profits this fiscal

So next time you forget to recharge your PayTm wallet and ride a Uber there won’t be much problem to it as the cab hailing service is planning to restart its credit card payment facility. 
 
Having stopped credit card payment on the order of Reserve Bank of India, Uber will restart the payment service this week onwards. Starting this week, Uber users on Android will be able to pay by credit card along with the existing digital payment option, Paytm wallet, reads a news report by The Economic Times. 
 
"The new solution is in keeping with the RBI's two-factor guidelines and requires a one-time password to be keyed in to make the payment," Uber spokesman Karun Arya told the ET. 
 
The ET report further states, for accepting local card payments, Uber India has tied up with Zaakpay, a Gurgaonbased digital payment gateway firm which was earlier working with rival Ola cabs. This will allow Uber users across 18 cities in the country to enter a CVV (card verification value) and a one-time password received on their mobile phone, to pay for the cab ride. 
 
While other Cab providers Meru and Ola use Indian payment gateways such as PayU and CitrusPay to lusers pay by credit card or digital wallets, Uber was using Netherlands-based Uber BV for payment. Last year, Indian radio taxi providers, including Meru Cab, Easy Cabs and Mega Cab, had filed a complaint with the RBI alleging foreign exchange violations by Uber, which is when the bank asked Uber to discontinue such payment. 
 
The move to restart credit card payments comes after users complained about the hassle to load a Paytm wallet repeatedly in order to ride an Uber cab in India, thus hampering a seamless payments experience that the company offers in other markets. 
 
"At the end of the day, both Ola and Uber want to give customers the best experience, so it is critical to make the payments process seamless," Nitin Gupta, cofounder and CEO of PayU India, had told ET earlier. 
 
Uber is also testing a cash-based payments model in Hyderabad, which is used by all its Indian rivals of the US based cab hailing company.

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Mobikwik replans market debut with plans of raising ₹700 crore

BI India Bureau

MobiKwik net revenue more than doubles to Rs 379 cr in FY20; eyes profits this fiscal

PTI

Now, just swipe your credit card while paying Uber bill

BI India Bureau

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