Updated: Nov 4, 2022
MobiKwik has reported increasing losses since FY20 of ₹99 Cr to ₹111 Cr in FY21
What is happening: MobiKwik, a well-known player in the space, had planned to list on
MobiKwik was planning to go public in FY22 and had submitted draft papers to the SEBI in July 2021.
However, the company decided not to go ahead with its IPO plans after the market
turned negative, with newly listed tech stocks suffering losses.
MobiKwik's IPO, which was scheduled for Diwali last year, was aiming for a valuation
of $1.5 to $1.7 billion.
By the numbers: According to the company's regulatory filings, MobiKwik's operating revenue
increased 82.5 percent to INR 526.5 crore in FY22, up from INR 288.6 crore in FY21,
while total income increased by 80 percent to Rs. 543 crores.
Despite a 1.8x increase in operating revenue, FY22 losses increased.
MobiKwik's total expenses rose by 61% to Rs. 652.5 crores.
Employee benefit costs nearly doubled to Rs. 107 crores, while other expenses more than doubled to Rs. 545 crores.
What's in spotlight: MobiKwik, founded in 2009, is a Gurugram-based fin-tech startup that joined the illustrious unicorn club in October 2021 after some of its employees exercised their employee stock option plans (ESOPs).
MobiKwik also raised $20 million from the United Arab Emirates (UAE) sovereign wealth fund- Abu Dhabi Investment Authority in June 2021.
What's next: MobiKwik's authorized share capital increased from Rs 19.42 crore to Rs 34.52
crore during the year, according to regulatory filings.
In an interview Upasana Taku, co-founder, stated that the company expects to be profitable by FY24.
Bottom line: Despite the multiple revenue sources and a sparingly sub-par performance in
the market, the fintech app is yet to rise above the losses.
After Paytm’s lackluster market debut, MobiKwik has stalled its IPO plans and is still waiting for the appropriate time to enforce the IPO.