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New Delhi, Unicorn Fintech firm <keyword id="143842" type="General" weightage="20" keywordseo="MobiKwik" source="Orion">MobiKwik</keyword> on Tuesday reported its first ever consolidated profit at Rs 3 crore in the first quarter ended June 30, a senior company official said. MobiKwik Co-Founder and COO Upasana Taku told PTI that MobiKwik has become the first fintech firm to post consolidated profit and expects to maintain the momentum throughout the year. "We have registered an adjusted Earnings before interest, taxes, depreciation, and amortization (EBITDA) of Rs 13.6 crore which is 181 per cent increase on a year-on-year basis. "This is the second consecutive quarter when we have posted positive EBITDA and the first quarter when we have posted consolidated profit after tax of Rs 3 crore. We expect to continue the growth momentum and achieve full-year profitability," Taku said. Taku said that she expects other startups also to turn profitable as it will give a boost to the investment environment in the country and sentiments of investors. She said that MobiKwik has been growing consistently without cash burn and margins have been improving quarter over quarter. "Our revenues grew to Rs 177 crores in the quarter, which is 68 per cent higher compared to corresponding quarter last fiscal and contribution margin rose by 108 per cent to Rs 73.9 crore," Taku said. In the March 2023 quarter, MobiKwik had posted revenue of Rs 160 crore and recorded an adjusted EBITDA of Rs 3 crore. "In FY 2022-23, we achieved all the major goals we set for MobiKwik the previous year. First quarter has been a good start to the fiscal year. Our numbers are positive in all parameters, be it adjusted EBITDA, EBITDA or PBT (profit before tax). We expect to deliver over 80 per cent topline growth for this fiscal year," Taku said. Peak XV backed MobiKwik ended the financial year 2022-23 with Rs 560 crore in revenue and became profitable from the fourth quarter of the financial year 2022-23, and its contribution margin rose to Rs 169.5 crore as compared to Rs 42 crores in FY 2021-22, nearly 304 per cent Y-o-Y growth. She said that the company gets about half of the business from payments services which is mainly payment made from wallet service and the rest of the half from distribution of financial services comprising buy-now-pay-later, consumer loans etc. The company at present has over 14 crore registered user base and around 40 lakh merchant partners.

MobiKwik posts first ever consolidated profit in Jun quarter 2023-24

<ul><li>As the year of most IPOs in India comes to an end, another one kicks off.</li><li>The excitement for IPOs, particularly from retail investors, is likely to be a lot sober in 2022, says <keyword id="1038160" type="General" weightage="20" keywordseo="ajay-saraf" source="Orion">Ajay Saraf</keyword>, head of investment banking and institutional equities at ICICI Securities.</li><li>That would mean companies would be less confident in demanding high valuations, leaving more profit on the table for small investors in good companies.</li><li>Check out our <a href="https://www.businessinsider.in/bi-newsletter">weekly explainers</a> on the hottest topics and <a href="https://www.businessinsider.in/newsletters_signup.cms">sign up</a> if you like them</li></ul>The bull run in Indian equities that continued from mid-2020 up until late 2021 had drawn in hordes of companies, including the likes of <keyword id="830092" type="General" weightage="20" keywordseo="zomato" source="Orion">Zomato</keyword>, <keyword id="6376684" type="General" weightage="20" keywordseo="nykaa" source="Orion">Nykaa</keyword> and <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>, who wanted to make the best of the brimming optimism and get the best price for their shares. Millions of retail investors wanted a part of the boom in Asia’s best performing stock market, and a lot of IPOs benefited from the frenzy. That kind of unbridled enthusiasm is unlikely in 2022, according to Ajay Saraf, head of investment banking and institutional equities at ICICI Securities in an interview to Business Insider. Saraf is not alone. Srinivas Rao Ravuri, chief investment officer at PGIM India Mutual Fund also <a href="https://www.moneycontrol.com/news/business/markets/daily-voice-2022-would-be-a-challenging-year-for-investors-and-companies-planning-ipos-says-srinivas-rao-ravuri-of-pgim-india-mf-7856261.html">reportedly</a> believes that 2022 would be a challenging year for investors and companies planning IPOs. But that’s not entirely a bad thing. If the cautious mood makes good companies, who need to raise money, tone down the pricing it may leave more profit on the table for small investors. There were 63 initial public offerings (IPO) in 2021 and they raised a cumulative <a href="https://www.businessinsider.in/stock-market/news/list-of-upcoming-ipo-in-year-2022-in-india-ags-transact-adani-wilmar-prudent-corporate-advisory/slidelist/88492728.cms">₹1.18 lakh crore from investors</a> [hyperlink]. And, some of them doubled, or more, the <keyword id="1184176" type="General" weightage="20" keywordseo="ipo-investors" source="Orion">IPO investors</keyword>’ money on listing itself. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Top performing IPOs of 2020 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% of listing gains </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Macrotech Developers </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">159% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Laxmi Organics </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">152% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Easy Trip Planners </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">151% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Barbeque Nation Hospitality </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">125% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Nureca </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">116% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">StoveKraft </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">115% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">MTAR Technologies </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">110% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sona BLW Precision Forgings </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">102% </td></tr></tbody></table> But, 2022 is likely to be different. “My sense is 2022 could be more volatile… and the issue would be stuff like hike in global interest rates, tapering, central bank prioritising inflation over growth and increasing interest rate earlier than expected, which might make the market volatile and IPOs may not be as smooth and great as 2021,” said Saraf. Here’s an <a href="https://www.businessinsider.in/stock-market/markets/news/heres-why-the-spike-in-inflation-in-the-us-may-worry-markets-in-india/articleshow/82597218.cms">explainer</a> on why the rising inflation, and the expected hike in interest rates, in the US may affect markets in India. If the market mood is uncertain, then the companies planning IPOs are likely to be less confident in seeking high valuations. Startups like <keyword id="143842" type="General" weightage="20" keywordseo="mobikwik" source="Orion">Mobikwik</keyword> are already waiting patiently before they launch the IPO to get the best price. Founder Upasana Taku told Business Insider that she is <a href="https://www.businessinsider.in/business/startups/news/mobikwik-founder-says-they-are-not-selling-any-shares-in-the-ipo/articleshow/88392998.cms">waiting for the market conditions to improve</a> even though she has the SEBI approval to launch the IPO. Legendary investor Warren Buffet has said in the past that he has never invested in an IPO. “The idea of saying the best place in the world where I can put money is something where all the selling, and their commissions are higher, the animal spirits are rising, that’s going to be better than a thousand other things I can where there is no similar selling enthusiasm, and the desire to get the deal done and earn some commissions. That’s the best thing to buy in a single day?,” Buffett <a href="https://www.cnbc.com/video/2019/05/06/warren-buffett-on-why-hes-never-bought-an-ipo.html">asked in an interview</a> in May 2019. In 2022, the animal spirits will be lower i.e. the emotional trigger for investments will be contained and therefore the valuations may be cheaper. “Valuation will become a bit more in favour of investors and that is the trend which we will see (next year),” said Saraf. If the IPOs are priced cheaper, it is likely that the headroom for profit is higher for investors, particularly for those who invest for the longer term. While this is general wisdom, it may so happen that the excitement may be lesser for some companies and higher for others. “Consumer tech and BFSI will lead the overall IPOs in terms of sector concentration in 2022,” said Saraf. Here’s a list of IPOs expected to open in 2022 <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Description </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">AGS Transact </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Payment solution providers </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Wilmar </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fast moving consumer goods </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prudent Corporate Advisory </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail wealth management firm </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Emcure Pharmaceuticals </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Manufacture of pharma products in areas -- gynaecology, cardiology, blood- related, oncology, respiratory, CNS &amp; HIV </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shri Bajrang Power &amp; Ispat </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Integrated steel manufacturer </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sahajanand Medical Technologies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Medical devices company </td></tr></tbody></table>Does lesser excitement for IPOs mean that loss-making startups have no hope in 2022? Saraf doesn’t think so. “I think Indian investors, given how the year 2021 was, they are willing to put money into companies who are still not breaking even or whose profitability may be few years away...and this trend will continue,” said Saraf. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/list-of-upcoming-ipo-in-year-2022-in-india-ags-transact-adani-wilmar-prudent-corporate-advisory/slidelist/88492728.cms">LIC, AGS Transact, Adani Wilmar and other IPOs coming up in early 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/mobikwik-founder-says-they-are-not-selling-any-shares-in-the-ipo/articleshow/88392998.cms">Mobikwik founder says they are not selling any shares in the IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/snapdeal-ipo-paper-reveals-that-it-is-going-offline/articleshow/88408081.cms">Snapdeal IPO papers reveal the e-tailer’s offline aspirations for budget fashion</a>

The IPO excitement may be softer in 2022 but that can be a good thing for investors

<ul><li>The company plans to use the fresh funding for marketing purposes, hiring people and acquiring new businesses.</li><li>The fintech startup had raised $20 million last year, at a valuation of $700-$750 million.</li><li>A company can go for an IPO within 12 months of receiving SEBI’s approval, which <keyword id="143842" type="General" weightage="20" keywordseo="mobikwik" source="Orion">Mobikwik</keyword> got last November.</li></ul>Gurugram-based Mobikwik is in talks to raise $100 million as there has been a delay in its initial public offering (IPO) plans, the digital payments company’s founder and CEO Upasna Taku said. Taku, in a conversation with <a href="https://www.bloomberg.com/news/articles/2022-06-08/mobikwik-seeks-to-raise-100-million-after-deferring-planned-ipo">Bloomberg</a>, revealed that the company plans to use the fresh funding for marketing purposes, hiring people and acquiring new businesses. The company has not yet decided the valuation for the current funding round, she said. The fintech startup had raised $20 million from Abu Dhabi Investment Authority (ADIA) in June last year, at a valuation of $700-$750 million. So far, the payment service has raised $176 million in funding, according to business insights platform <a href="https://www.crunchbase.com/organization/mobikwik">Crunchbase</a>. The company counts American Express, Bajaj Finance, Cisco System, Sequoia Capital and Treeline Asia as investors, who will also be selling a part of their shareholdings in the IPO. The company intends to raise ₹1,900 crore through this IPO. Taku confirmed that the company still plans to launch an IPO but at a more opportune time. In a previous conversation with Business Insider, Taku mentioned that the company still has till <a href="https://www.businessinsider.in/business/startups/news/mobikwik-ipo-is-not-happening-this-quarter/articleshow/89891819.cms">November 2022 to head for an IPO</a> as they received Securities and Exchange Board of India’s (SEBI) approval in November last year. A company can go for an IPO within 12 months of receiving SEBI’s approval. <cmsannotation type="cmsannotation" annotationid="Unstable markets and lacklustre IPOs make Mobikwik jittery" comment="subhead" text="Unstable markets and lacklustre IPOs make Mobikwik jittery">Unstable markets and lacklustre IPOs make Mobikwik jittery</cmsannotation> Taku said the company is waiting for stable market conditions to go public. “As you can see, they [markets] are fairly up and down and unstable. And not just in India but even globally. Now thanks to the <a href="https://www.businessinsider.in/politics/world/news/trump-warns-of-a-potential-world-war-as-a-result-of-russia-ukraine-conflict/articleshow/89878873.cms">Ukraine-Russia war cry</a>, I think, aur he hone wala hai [the instability is likely to extend]. I don’t think it will be possible for any tech companies to IPO anytime soon, definitely not in the next couple of months,” <a href="https://www.businessinsider.in/business/startups/news/mobikwik-ipo-is-not-happening-this-quarter/articleshow/89891819.cms">Taku told Business Insider </a>in February 2022. However, an IPO is still on the cards, and Mobikwik is ready, she added. “But it is definitely a target for us to get to the public markets. We have the SEBI approval, our numbers even for the December quarter are fantastic. We are ready. Business performance is strong, SEBI approval is there. But the markets are not ready so we have to make sure that we continue building the platform and wait for the right time,” she added. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/ecommerce/news/flipkart-has-lived-up-to-expectations-so-far-says-walmart-ceo-confirms-ipo-plans/articleshow/92096890.cms">Flipkart has ‘lived up to expectations so far’, says Walmart CEO, confirms IPO plans</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-has-lived-up-to-expectations-so-far-says-walmart-ceo-confirms-ipo-plans/articleshow/92096890.cms"></a><a href="https://www.businessinsider.in/business/startups/news/pepper-content-raises-14-million-to-enter-the-us-market/articleshow/92084581.cms">INTERVIEW: Pepper Content skip the traditional Middle East route, heads directly for the US market</a> <a href="https://www.businessinsider.in/business/ecommerce/news/after-amazon-flipkart-reliance-and-tata-neu-indias-133-billion-ecommerce-market-may-be-too-little-for-a-fifth-player/articleshow/92062540.cms">After Amazon, Flipkart, Reliance and Tata Neu, India's $133 billion ecommerce market may be too little for a fifth player</a>

Mobikwik looks to raise $100 million as it delays IPO plans, founder says the ‘markets are not ready’

<ul><li>Mobikwik aims to turn profitable by 2020-21. </li><li>It has a wide client list with IRCTC, Uber, Blue Dart and Hyundai. </li><li>Mobikwik’s revenues in FY 2019 was 3.5 times higher than those in previous year, at ₹18.4 billion. </li></ul> Indian payments startup Mobikwik has ambitious plans for growth, and yet want to chart its path with profitability in sight. In July this year, its payment gateway business turned profitable but that is not their endgame. Mobikwik which has an enviable client list like IRCTC; and multinationals like Uber, Blue Dart and Hyundai. It also managed to attract startups like Zomato, Grofers, Dream 11 for its payments business. “We will double down on our fintech scaleup in 2020 to make 2020-21 our first full year of profitable growth. Once we hit this landmark milestone, we will march forward towards an IPO in 2023-24. We will aspire to become the first Indian fintech and first Indian payments - company to get listed in India,” the company said in response to queries by Business Insider India. Mobikwik’s revenues in FY 2019 was 3.5 times higher than those in previous year, at ₹18.4 billion. It chased credit growth and disbursed 350,000 fully digital loans, and its loan book now stands at $24 million. Alongside this rapid growth, it is hoping that its revenues will swell to ₹4.8 billion by the end of the current financial year. It hopes to achieve a pretax profit break-even by the end of 2019. In July, the company raised as much as ₹8.67 crore from Trifecta Capital and NDTV. Its previous investors include Sequoia Capital and American Express among others. “Over 94 million unique cards are saved on MobiKwik PG platform; this includes 20 million credit cards which is 50% of all credit cards issued in India,” the company said. It has a network of over 3 million direct merchants and over 107 million users.

Mobikwik aims to become the first payments startup to list on Indian bourses

<ul><li><keyword id="143842" type="COMPANY" weightage="20" keywordseo="Mobikwik">Mobikwik</keyword>, a digital payments company, has said that its payment gateway business has turned profitable. </li><li>With an IPO in mind, the company is now aiming for a ₹1.4 lakh crore annual payment volume from the payment gateway business.</li><li>Earlier in July, Mobikwik had reported a funding of ₹8.67 crores. </li></ul>Mobikwik, one of India’s leading digital payments companies, has claimed that its payment gateways vertical had turned profitable since April 2019. “Our focus on building the best tech stack for our merchants is evident in the growth and success of our Payment Gateway business. Our product and user experience (UX) philosophy is to keep the user experience simple and ultra fast. Payment Gateway is one of our fastest growing verticals and will play an instrumental role in our path to profitability,” said Upasana Taku, Co-Founder, MobiKwik. With this, the payments company now aims to ₹1.4 lakh crore annual payment volume for its payment gateway business. As a payment gateway, Mobikwik finds clients in businesses like Uber, IRCTC, Dream11, Bajaj Finance, Zomato, Grofers, Blue Dart, Delhivery, Dominos, Maruti Suzuki, Hyundai, etc. “Over 94 million unique cards are saved on MobiKwik PG platform; this includes 20 million credit cards which is 50% of all credit cards issued in India,” said the company’s official statement. In July, the company had also announced a new round of funding of ₹8.67 crore from Trifecta Capital and NDTV. Its previous investors include Sequoia Capital and American Express among others. According to <a href="https://economictimes.indiatimes.com/markets/ipos/fpos/ahead-of-ipo-mobikwik-scouts-for-investor-eyes-profit-from-fy21/articleshow/69810493.cms?from=mdr">reports</a>, Mobikwik is also planning to head for an IPO in the next three years. "We are looking for an investor who will help the company go for an initial public offering (IPO) in three years," co-founder and chief executive Bipin Preet Singh told <a href="https://economictimes.indiatimes.com/markets/ipos/fpos/ahead-of-ipo-mobikwik-scouts-for-investor-eyes-profit-from-fy21/articleshow/69810493.cms?from=mdr">ET.</a> Mobikwik finds competition from the likes of Paytm, PayU and Razorpay in the payment gateway business. Paytm claims to hold over 50% of the market share and has said that it does 400 million transactions per month; is five times more than its next competitor. A report by Credit Suisse Group AG says that the Indian digital payments market will increase five-fold from the current $200 billion to $1 trillion by the year 2023. This has also resulted in many international players eyeing the Indian market like <a href="https://www.businessinsider.in/google-wallet-creator-osama-bediers-startup-poynt-will-launch-in-india-in-2019/articleshow/68145220.cms">Osama Bedier's Poynt.</a> Bedier is also credited to be the creator of the Google Wallet. In June 2019, Mobikwik had also partnered with DT One, a global B2B network for mobile recharge, giving its users the opportunity to recharge their phones in 150 countries. MobiKwik’s competitor in India, Paytm had already entered two international markets – Canada and Japan.

Heading for an IPO, Mobikwik reports a profit in its payment gateway business

The biggest benefactors of the entire cash ban episode have undoubtedly been the e-wallet companies. From the fateful night of Nov 8, 2016, each of the country’s e-wallets has claimed an exponential increase in registrations, however, the figures have now come to be heavily contested by each other. The rivalry has now gained epic proportions with the largest now publicly claiming the other’s numbers as inflated. 
​ The strongest voice, in this case, has emerged from <keyword id="143842" type="UNKNOWN" weightage="20" keywordseo="Mobikwik">MobiKwik</keyword>’s co-founder, Upasana Taka, claiming that basis <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>’s data, <keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">PayTM</keyword> was flaunting numbers that are largely inflated. This was mainly because RBI published data that said that prepaid payment instruments including mobile wallets had made about 88 mn transactions in December 2016. Now, the thing to remember here is RBI falls back on data as reported by these very e-wallets and disclosure isn’t mandatory in nature. 
 
<a href="http://www.businessinsider.in/the-most-popular-parts-of-delhi-mumbai-and-bengaluru-where-people-invested-in-real-estate-in-2016/articleshow/56503428.cms">ALSO READ: The most popular parts of Delhi, Mumbai, and Bengaluru where people invested in real estate in 2016</a> 
 
On the other hand, PayTM had claimed that it crossed 177 Mn wallet users in the month of December 2016, with 80 mn active users translating to at least 80 Mn transactions. 
 
Given the war of words, we decided to dig a little deeper and approached a third party organization that most e-wallets and their investors rely on as a measure of business growth. 
 
<a href="http://Meet N. Chandrasekaran, Tata Sons new chairman and Ex-TCS boss">ALSO READ: Meet N. Chandrasekaran, Tata Sons new chairman, and Ex-TCS boss</a> 
 This is what the <keyword id="1646890" type="COMPANY" weightage="20" keywordseo="App-Annie">App Annie</keyword> numbers had to say: 
 
Paytm 
• Paytm App downloads touched 7.2Mn in December 2016 
• Monthly active user-base jumped to 92 Mn in December from 78 Mn in November 
 
<keyword id="6377963" type="UNKNOWN" weightage="20" keywordseo="Freecharge">Freecharge</keyword> 
• App downloads touched 2.1 Mn in December 2016 
• Freecharge’s Monthly active users were at 29 Mn in December 2016 
 
Mobikwik 
• App downloads touched 1.1 Mn in December 2016 
• Mobikwik’s monthly user base was at 15Mn in December 2016 
 Commenting on this, Mrs. <keyword id="3870166" type="UNKNOWN" weightage="20" keywordseo="taku">Taku</keyword> from Mobikwik said, “This data can’t be a basis for comparison as it is analytical data which varies from company to company. All digital wallets are supposed to report to RBI about their numbers and there is a stark difference between these two data points.’’ 
 
<a href="http://www.businessinsider.in/freecharge-integrates-with-indus-os-to-increase-30-user-base-in-the-next-6-months/articleshow/56499858.cms">ALSO READ: Freecharge integrates with Indus OS to increase 30% user base in the next 6 months</a> 
 
When asked to share their own analytical data, Mobikwik spokesperson said that they don’t use any for comparison. 
 
Paytm refused to give comments on the different data points. 
 
All we can say is this space will definitely heat up further, a space that investors will closely be watching out before they put their money where the mouth is.

Exclusive: App relied on by investors shows that PayTM clearly lead the
e-wallets pack in December 2016

<ul><li>Even with the failures of <keyword id="8143915" type="UNKNOWN" weightage="20" keywordseo="uber-and-wework">Uber and WeWork</keyword> in the US market, Indian startups are optimistic about their public offer. </li><li>Here’s a list of India’s most prominent startups which could soon head for an IPO. </li><li>Recently, startups like Ola, Lenskart and Policybazaar had appealed to SEBI to make the rules easier for a startup listing.</li></ul>Startups might be looking at new avenues to raise money. And, thanks to their popularity with consumers, it is possible for them to raise it from the public. As the IPO fever has gripped the US markets, Indian founders are watching their performance closely. In spite of tepid response that Uber received and WeWork’s debacle, Indian startups are stubbornly working towards taking their companies public. However, to get funds en masse, companies should be able to show profits. And few startups would qualify. This too is not discouraging startup founders who are confident that their business model will find takers. Recently, <a href="https://inc42.com/buzz/ola-lenskart-and-policybazaar-demand-change-ipo-listing-sebi-guidelines/">startups </a>like Ola, Lenskart and Policybazaar appealed to market regulator SEBI to relax rules for startups to list. Here are the startups who could be making their market debut soon. Uber’s answer: Ola The homegrown ride hailing unicorn has set off strong rumours of an imminent <a href="https://inc42.com/buzz/ipo-is-mobility-unicorn-ola-gearing-up-for-public-listing/">IPO</a> as it has raised fresh funding of ₹35.88 crores from ARK Ola pre-IPO Fund. The fund is based out of Seoul and <a href="https://entrackr.com/2019/09/exclusive-ola-set-up-pre-ipo-trust-public-listing-2-years/">reports</a> say it was formed to aid its IPO plans. The Bhavish Aggarwal-led company has been actively entering new markets across the world, and had also recently set up a technology hub in the Bay Area. Oyo’s fast paced growth and a possible market listing Another company that has been reported to be eyeing an IPO, while also through a fast paced expansion process. Oyo Hotels &amp; Homes is entering new markets or hitting new milestones in a current markets. And reports say, all of its achievements could be leading up to a large IPO that it is planning. A <a href="https://www.livemint.com/companies/start-ups/oyo-s-preparing-to-list-in-next-2-3-years-eyes-up-to-18-billion-valuation-1562609045816.html">Mint</a> report says that the company is looking at a $18 billion valuation and an IPO in 2-3 years. Vijay Shekhar Sharma can’t be far behind Vijay Shekhar Sharma’s PayTm is one of India’s prized payment gateway innovation. At a recent <a href="https://www.hindustantimes.com/business-news/ht-mintasia-leadership-summit-paytm-to-start-planning-ipo-in-22-24-months-says-ceo-vijay-shekhar-sharma/story-67K1gh0yeRbK6Mkd7IfXWK.html">summit</a>, Sharma said that the company will start preparing for an IPO in the next two years. In the financial year 2018-19, Paytm had clocked in a gross transaction value of $50 billion through 5.5 billion transactions. It has also set a target of 12 billion transactions by FY20. <keyword id="143842" type="COMPANY" weightage="20" keywordseo="Mobikwik">Mobikwik</keyword>’s desire to be the first payments company to be listed Paytm’s competitor Mobikwik is not too far behind. In July, its payment gateway business has turned profitable. “We will march forward towards an IPO in 2023-24. We will aspire to become the first Indian fintech and first Indian payments - company to get listed in India,” the company earlier told <a href="https://www.businessinsider.in/mobikwik-aims-to-become-the-first-payments-startup-to-go-for-an-ipo/articleshow/70987513.cms">Business Insider India</a>. Mobikwik’s revenues in FY 2019 was 3.5 times higher than those in previous year, at ₹18.4 billion. After all the troubles, Urban Ladder wants profitability and an IPO Online furniture retailer Urban Ladder has been eyeing an IPO for long now. It has said that it is confident of going ahead with it in the next two years. Urban Ladder is in an expansion mode, and as it hopes to turn profitable by the end of 2019. Urban Ladder underwent an organizational restructuring earlier this year, and had to let go off 90 employees. Some of its marquee investors include Ratan Tata, Sequoia India, Steadview Capital, SAIF Partners, and Kalaari Capital. Talking of furniture, Pepperfry is in too! Another furniture retailer, Pepperfry too is closing in on its IPO plans. In an interview with <a href="https://qz.com/india/1714225/pepperfry-indian-furniture-e-commerce-firm-eyes-profits-ipo/">Quartz</a>, Ashish Shah, co-founder of Pepperfry said that they are planning an IPO in one and a half years. Pepperfry has been scaling up its businesses and is also looking at achieving its $1 billion GMV <a href="https://www.moneycontrol.com/news/business/companies/pepperfry-targets-gross-merchandise-value-of-1-billion-by-2021-3754081.html">target</a> by 2021. With over 6 million customers, Pepperfry has 39 offline studios across 22 cities in India. It is also on an expansion mode.

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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

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