Indian monetary companies startup MobiKwik seeks to lift about $84.2 million by situation of latest shares in an preliminary public providing within the house market, it mentioned in a draft prospectus filed with the native markets regulator Friday.
That is the second time MobiKwik has filed the paperwork for an IPO. The startup, backed by Peak XV, Abu Dhabi Funding Authority and American Specific, initially sought to lift about $250 million by sale of latest and present shares in 2021, however deterred the plans after the market circumstances worsened.
The 15-year-old startup, based by husband-wife duo Bipin Singh and Upasana Taku, doesn’t plan to promote any present shares within the IPO, in line with the brand new prospectus. It does plan to lift about $16 million in a pre-IPO spherical, it mentioned.
MobiKwik operates a web-based monetary companies platform providing digital funds, credit score, funding, and insurance coverage merchandise. The startup has seen robust progress, amassing over 146 million registered customers and three.8 million service provider companions. MobiKwik, which began its journey as a cellular pockets supplier, has since expanded into extra monetary companies together with “buy-now-pay-later” credit score, private loans, service provider money advances, wealth administration, and insurance coverage distribution.
Its Zip buy-now-pay-later product noticed credit score disbursals of $490 million in fiscal 2023, up 21x from two years prior. MobiKwik’s whole transaction worth throughout its funds and credit score merchandise additionally greater than doubled from $1.78 billion in fiscal 2021 to $3.15 billion in fiscal 2023. MobiKwik seeks to recent funding to leverage its person base and service provider community to cross-sell extra monetary merchandise.
SBI Capital and DAM Capital are the lead ebook operating managers for the IPO course of, the prospectus mentioned. MobiKwik, was was unprofitable within the monetary yr 2021, 2022 and 2023, turned worthwhile within the six months ending September 30, 2023. It made a revenue of $1.1 million throughout that six months on income of $29.3 million, the startup disclosed within the prospectus.
MobiKwik is the newest Indian startup that’s seeking to go public this yr. Lossmaking startups Ola Electrical and FirstCry filed their draft prospectus for his or her preliminary public choices final month.