MobiKwik intends to use the net proceeds from the IPO towards customer and merchant acquisitions and investment in data, machine learning, and artificial intelligence. The company, which provides a mobile phone-based payment system and digital wallet, reported a 2.5% increase in revenue to 5.39 billion rupees ($65 million) in fiscal 2023 and has 146.94 million registered users and approximately 3.81 million merchants.
Key takeaways:
- MobiKwik, an Indian digital payments firm, has filed for an IPO worth up to 7 billion rupees ($84 million), after postponing its previous attempt in 2021 due to the poor market debut of its rival, Paytm.
- The company is considering a pre-IPO placement to issue securities worth up to 1.4 billion rupees ($17 million), which would reduce the value of the IPO by an equivalent amount.
- MobiKwik plans to use the net proceeds from the IPO for customer and merchant acquisitions, and investment in data, machine learning and artificial intelligence.
- The company reported a 2.5% increase in revenue to 5.39 billion rupees ($65 million) in fiscal 2023 and narrowed its losses from 1.28 billion rupees ($15 million) to 838.1 million rupees ($10.08 million).