MobiKwik Files DRHP for Rs 700 Crore IPO, Eyes Fresh Capital Infusion

Fintech unicorn MobiKwik filed its draft red herring prospectus (DRHP) on Friday with market regulator SEBI, aiming to raise Rs 700 crore through fresh share issues. This marks the company’s second attempt, and unlike the previous filing in 2021, there is no offer-for-sale (OFS) component in this DRHP. MobiKwik, founded in 2009 by Bipin Preet Singh and Upasana Taku, plans to raise Rs 140 crore in a pre-IPO round. The prospectus clarifies that the company does not intend to sell any existing shares in the IPO.

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In October of the current financial year (FY24), the digital banking platform released unaudited financial results for the second quarter, showing a 52% growth in revenues over the corresponding period in FY23. The July-September quarter recorded revenues of Rs 208 crore, a 17% growth over the previous quarter, with a profit after tax (PAT) of Rs 5 crore. In H1 FY24, MobiKwik achieved a revenue of Rs 385 crore, marking a 58% increase compared to the first half of FY23, with a PAT of Rs 8 crore.

MobiKwik’s vision is to make digital banking services accessible across demographics in India, with a growing user base of over 140 million and a merchant network exceeding 4 million.