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<ul><li>The company posted losses to the tune of ₹83.81 crore for the FY23.</li><li>It’s a completely fresh issue with no offer for sale component.</li><li>The issue proceeds will be used to fund growth, tech, capex and general corporate purposes. </li></ul>Fintech One <keyword id="20054770" type="General" weightage="20" keywordseo="mobikwik" source="keywords">Mobikwik</keyword> Systems has filed a Draft Red Herring Prospectus (DRHP) with SEBI to raise ₹700 crore for its initial public offering (<keyword id="19898327" type="General" weightage="20" keywordseo="ipo" source="keywords">IPO</keyword>). For the fiscal 2022–23, the company’s revenue from operations has increased to ₹539.47 crore against ₹526.56 crore for fiscal 2021–22. Loss for the year decreased by 34.6% from ₹128.16 crore in fiscal 2022 to ₹83.81 crore in fiscal 2023. For the six months ended September 30, 2023, revenue from operations stood at ₹381.09 crore and profit after tax stood at ₹9.48 crore. The <keyword id="19898327" type="General" weightage="20" keywordseo="ipo" source="keywords">IPO</keyword> has a face value of ₹2 is entirely a fresh issue of equity shares with no offer for sale component. The company, in consultation with the book-running lead managers, may consider a further issue of specified securities including private placement, preferential allotment, rights issue, or any other method aggregating to ₹140 crore as ‘Pre-IPO placement’. If such placement is completed, the fresh issue size will be reduced. Fresh issue to fund growth The proceeds from the fresh issue, to the extent of ₹250 crore will be used for funding growth in the financial services business, ₹135 crore for funding growth in the payment services business, ₹135 crore for investment in data, ML and AI and product and technology, ₹70.28 crore for capital expenditure for the payment devices business, and general corporate purposes. The issue is being made through the book-building process, wherein not less than 75% of the issue shall be available for allocation on a proportionate basis to qualified institutional buyers, not more than 15% of the issue shall be available for allocation to non-institutional investors, and not more than 10% of the issue shall be available for allocation to retail individual bidders. Established by Bipin Preet Singh and Upasana Taku, the fintech caters to businesses and merchants. It has extensive payments and financial services like online checkout, Kwik QR scan and pay, <keyword id="20054770" type="General" weightage="20" keywordseo="mobikwik" source="keywords">MobiKwik</keyword> Vibe (Soundbox), MobiKwik <keyword id="20076789" type="General" weightage="20" keywordseo="edc-machine" source="keywords">EDC Machine</keyword>, and Merchant Cash Advance. Its subsidiary <keyword id="20076790" type="General" weightage="20" keywordseo="zaakpay" source="keywords">Zaakpay</keyword> operates a B2B payment gateway for e-commerce businesses and has received RBI approval for its Payment Aggregator (PA) business. MobiKwik provides consumers access to various payment options and financial products in digital credit, investments, and insurance has acquired approximately 18.29 million new users every year, between Fiscal 2021 and September 30, 2023. As of September 30, 2023, the company has amassed 146.94 million registered users and enabled 3.81 million merchants to conduct online and offline payments. Its Payment GMV has grown annually by 32.33%, while MobiKwik ZIP GMV (Disbursements) surged by 354.86% from Fiscal 2021 to Fiscal 2023. As per RedSeer, the company's commitment to growth through cost-effective, technology-driven innovations is evident in its array of scaled products and its ability to maintain one of the lowest employee cost-to-revenue ratios among digital financial service platforms in Fiscal 2023. SBI Capital Markets and DAM Capital Advisors are the book-running lead managers for the IPO, and Link Intime India Private is the registrar of the offer. The equity shares are proposed to be listed on the BSE and NSE.

Mobikwik replans market debut with plans of raising ₹700 crore

New Delhi [<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>], February 28 (<keyword id="19904948" type="General" weightage="20" keywordseo="ani" source="keywords">ANI</keyword>): The State Bank of India's Economic Research Department has released its analysis projecting the GDP growth for the third quarter of the financial year 2023-24. According to their report, the GDP growth is likely to be at 6.8 per cent, based on an unchanged base, but could potentially hit 7 per cent due to expected downward revisions in the estimates for Q3 FY23. As per a report by <keyword id="20407500" type="General" weightage="20" keywordseo="soumya-kanti-ghosh" source="keywords">Soumya Kanti Ghosh</keyword>, Group Chief Economic Adviser, SBI, the global economic landscape, as outlined in the report, presents a mixed picture with several significant developments impacting the trajectory. The International Monetary Fund (IMF) has upgraded its global growth forecast to 3.1 per cent in 2024 and 3.2 per cent in 2025, indicating a brighter outlook. However, challenges persist, with countries like the UK and Japan slipping into recession, alongside concerns over the German economy. Additionally, China's marked slowdown, driven by deflationary concerns and declining industrial profits, adds further complexity to the global scenario. In contrast, India's domestic economic indicators show signs of resilience and optimism. Consumer confidence has strengthened, supported by positive sentiments regarding the economic situation and employment conditions. Various enterprise surveys also reflect strong business optimism. The Composite Leading Indicator (CLI) Index, comprising 41 leading indicators across sectors, suggests a slight moderation in economic activity in Q3 FY24. Based on this data, the SBI Economic Research Department estimates GDP growth in the range of 6.7-6.9 per cent, with a Gross Value Added (GVA) growth of 6.6 per cent. Corporate India continues to exhibit robust performance, driven by accelerating consumption patterns across urban and rural areas. Corporate results for Q3FY24 indicate significant growth in <keyword id="20140796" type="General" weightage="20" keywordseo="ebidta" source="keywords">EBIDTA</keyword> and PAT (Profit After Tax), with a notable improvement in margins. Corporate GVA, measured by EBIDTA plus employee expenses, recorded strong growth compared to the previous year. The agricultural sector, however, faces some challenges, with a decline in the estimated production of major Kharif crops for 2023-24 compared to FY23. While the sowing season for Rabi crops suggests a slight increase in overall acreage, concerns arise over the decline in the sown area under cereals. Despite these challenges, the inland fish production has shown rapid growth, reaching 131.13 lakh tonnes in 2022-23. The fisheries sector's contribution to the national GVA and agricultural GVA indicates potential support for the Agri &amp; Allied sector's growth in FY24. (ANI)

SBI Eco Research forecasts Q3 FY24 GDP growth at 6.8% amid global complexities

The government has sought data on vacancies from all public sector undertakings (PSUs) and asked them to prepare a roadmap to fill those with an aim to reducing unemployment in the country. Information has been sought by the government regarding vacancies at the entry-level as well as at the senior level, a senior official of a PSU told PTI. The move comes against the backdrop of opposition parties raising concerns over rising unemployment in the country. As per the direction, identified entry-level vacancies till December this year are required to be filled by August-September next year, the official said. Filling vacancies in government institutions takes time as appointments are made in a transparent manner by following specified guidelines, the official said, adding tests and interviews are conducted based on the advertisement that specifies eligibility criteria. Each stage consumes time as aspirants across the country participate in the process, the official said.As per the official data, there were 255 Central Public Sector Enterprises (CPSEs) operating in the country at the end of FY21. Out of the 255 CPSEs, 177 are profit-making and have generated a profit of Rs 1.89 lakh crore during FY21. Last month, the finance ministry convened a meeting with heads of public sector banks and financial institutions to take stock of the employment situation in these entities and their monthly recruitment plan. The total employee strength of public sector banks peaked at 8.86 lakh during 2012-13. It declined to 7.80 lakh during 2020-21.Banks have started issuing advertisements for recruitment. For example, the country's biggest lender <keyword id="6354731" type="General" weightage="80" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword> (<keyword id="13222" type="General" weightage="80" keywordseo="sbi" source="Orion">SBI</keyword>) recently issued advertisements for the recruitment of 1,673 probationary officers. Prime Minister <keyword id="6354477" type="General" weightage="80" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> in June had asked various government departments and ministries to undertake the recruitment of 10 lakh people on a "mission mode" in the next one-and-a-half-year amid the opposition's frequent criticism on the issue of unemployment. The direction from the Prime Minister came following a review of the status of human resources in all government departments and ministries. The vacancies are likely to be filled before the next general elections to be held in 2024.Earlier this year, the government had said in Parliament that there were about 8.72 lakh posts vacant in various Central government departments as of March 1, 2020. The <keyword id="6355455" type="General" weightage="80" keywordseo="indian-railways" source="Orion">Indian Railways</keyword>, being the biggest recruiter in the country, has nearly 2.3 lakh posts vacant. A month after the Prime Minister's announcement, the Department of Personnel and Training (DOPT) constituted a task force to implement the plan and execute it in mission mode. India's unemployment rate dropped to 6.43 per cent in September due to an increase in labour participation in the rural and urban areas, according to data from the Centre for Monitoring Indian Economy (CMIE).During August, India's unemployment rate surged to a one-year high of 8.3 per cent as employment sequentially fell by 2 million to 394.6 million. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indians-above-40-are-feeling-younger-healthier-than-gen-z-millennials-report/articleshow/94918231.cms">Indians above 40 are feeling younger &amp; healthier than Gen Z, millennials - report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/20-allocation-in-gold-etf-a-better-investment-strategy-quantum-amc/articleshow/94916480.cms">20% allocation in gold ETF a better investment strategy: Quantum AMC</a>

Govt seeks data on vacancies from PSUs; roadmap to fill them

Fintech services platform Razorpay on Thursday announced it has acquired offline payments services provider <keyword id="6519244" type="General" weightage="100" keywordseo="ezetap" source="Orion">Ezetap</keyword>, becoming one of the few companies globally with a significant online and offline presence in payments. According to sources, the deal size is around $150-200 million. This marks Razorpay's sixth and biggest acquisition to date. The <keyword id="14747570" type="General" weightage="50" keywordseo="ezetap-team" source="Orion">Ezetap Team</keyword> of around 300 employees will join Razorpay and work as an independent business unit. "We believe that the businesses of tomorrow will not distinguish between physical and digital channels and will expect a unified payment experience through a single integrated platform," said Harshil Mathur, CEO and Co-founder, Razorpay. Ezetap provides software for financial technologies, including point of sales (POS) solutions, billing, loyalty solutions among others, enablingAbusinesses to accept payments in-store and on-delivery. It currently serves over 500,000 touchpoints, including <keyword id="18635" type="General" weightage="50" keywordseo="amazon" source="Orion">Amazon</keyword> and BigBasket, and works closely with banks like <keyword id="13222" type="General" weightage="50" keywordseo="sbi" source="Orion">SBI</keyword>, <keyword id="45123" type="General" weightage="50" keywordseo="hdfc" source="Orion">HDFC</keyword>, ICICI and Axis, among others, processing over $10 billion in annual transactions on its platform. "We join Razorpay's suite of products to collectively offer businesses the best-in-class omni-channel payments experience and are excited at the limitless possibilities that together both the companies are looking to explore in the omnichannel payment world," said Byas Nambisan, CEO of Ezetap. Prior to this, Razorpay acquired fintech startup IZealiant Technologies, Malaysia-based Curlec, TERA Finlabs, Opfin and Thirdwatch. With a $80 billion total payment value (TPV) as of April, Razorpay is eyeing a 10-12 million merchant base by next year. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/rbi-tightens-norms-for-chinese-lending-apps/articleshow/93629917.cms">RBI tightens norms for Chinese lending apps</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/genzs-millennials-are-turning-to-thrift-stores-to-upgrade-their-wardrobe-while-saving-the-environment/articleshow/93619737.cms">GenZs, millennials are turning to thrift stores to upgrade their wardrobe while saving the environment</a>

Fintech services platform Razorpay acquires offline payments firm Ezetap

<ul><li>The Central Board of Employees' <keyword id="45028" type="General" weightage="20" keywordseo="provident-fund" source="Orion">Provident Fund</keyword> Organisation (<keyword id="6372438" type="General" weightage="80" keywordseo="epfo" source="Orion">EPFO</keyword>) has recommended an 8.15% interest rate to be credited on provident funds for the financial year 2022-23.</li><li>In March 2022, the government declared an 8.1% interest rate for more than its six crore members, which was the lowest since 1977-78.</li><li>The recommendation involves the distribution of more than ₹90,000 crore in the members' account on the total principal amount of about ₹11 lakh crore.</li></ul>The Central Board of Employees' Provident Fund Organisation (EPFO) has recommended an 8.15 per cent interest rate to be credited on provident funds for the financial year 2022-23. In March 2022, the government declared an 8.1 per cent interest rate for more than its six crore members, which was the lowest since 1977-78. The recommended interest rate for 2022-23 would be officially notified in the government gazette after approval of the Ministry of Finance, following which EPFO would credit the rate of interest into its subscribers' accounts. The recommendation involves the distribution of more than Rs 90,000 crore in the members' account on the total principal amount of about Rs 11 lakh crore. In 2021-22, the payment outgo and principal amounts were Rs 77,425 crore and Rs 9.56 lakh crore, respectively. "The total income recommended for being distributed is the highest to date. The growth in income and the principal amount is respectively more than 16 per cent and 15 per cent as compared to the last financial year 2021-22," the Ministry of Labour and Employment said in a release on Tuesday. EPFO is a social security organization responsible for providing social security benefits in the form of Provident, Pension and Insurance Funds to the organized workforce of the country. Separately, the provisional payroll data showed a total of 14.86 lakh net members were added in the month of January 2023. Out of the total members added during the month, around 7.77 lakh new members have come under the ambit of EPFO for the first time. Among the newly joined members, the highest enrolment is registered in the age group of 18-21 years with 2.26 lakh members, followed by the age group of 22-25 years with 2.06 lakh members. The age groups of 18-25 years constitute 55.52 per cent of the total of new members during the month of January. For the month of January 2023, it said 3.54 lakh members have exited the fold of EPFO. This is the lowest exit in the last four months. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/top-chatgpt-4-plugins-from-math-physics-and-language-tutor-to-vacation-planner/articleshow/99036667.cms">Top ChatGPT 4 plugins: From math, physics and language tutor to vacation planner</a> <a href="https://www.businessinsider.in/finance/banks/news/rbis-mpc-could-pause-rate-hikes-in-april-to-gauge-the-impact-of-hikes-so-far-sbi-research/articleshow/99030220.cms">RBI’s MPC could pause rate hikes in April to gauge the impact of hikes so far: SBI Research</a> <a href="https://www.businessinsider.in/business/corporates/news/layoffs-coming-to-the-indian-it-sector-analysts-say-accentures-jobs-cuts-offers-a-blueprint/articleshow/98970175.cms">Layoffs coming to the Indian IT sector? Analysts say Accenture’s jobs cuts offers a ‘blueprint’</a>

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Mobikwik replans market debut with plans of raising ₹700 crore

BI India Bureau

SBI Eco Research forecasts Q3 FY24 GDP growth at 6.8% amid global complexities

ANI

Govt seeks data on vacancies from PSUs; roadmap to fill them

PTI

Fintech services platform Razorpay acquires offline payments firm Ezetap

IANS

Employees' provident fund interest rate fixed at 8.15% for 2022-23

ANI

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