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Amerindic financial services startup MobiKwik seeks to raise about $ 84.2 million through issue of new shares in an initial public oblation in the home grocery , it said in a gulp prospectus charge with the local markets regulator Friday .
The 15 - year - old startup , found by hubby - wife duet Bipin Singh and Upasana Taku , does n’t plan to deal any existing shares in the IPO , according to the new prospectus . It does plan to leaven about $ 16 million in a pre - IPO rung , it say .
MobiKwik operates an online financial services political program proffer digital payments , credit , investment funds and indemnity products . The startup has seen strong ontogeny , amassing more than 146 million registered users and 3.8 million merchant partners . MobiKwik , which started its journeying as a mobile notecase provider , has since expanded into additional fiscal services , including “ buy - now - pay - later ” credit , personal loans , merchant cash advance , wealth management and insurance policy distribution .
Its Zip buy - now - pay - later product examine credit disbursal of $ 490 million in fiscal 2023 , up 21x from two age prior . MobiKwik ’s full dealing note value across its defrayal and recognition ware also more than doubled from $ 1.78 billion in financial 2021 to $ 3.15 billion in financial 2023 . MobiKwik seeks fresh backing to leverage its user base and merchant internet to cross - sell extra fiscal products .
SBI Capital and DAM Capital are the lead book - running managers for the IPO mental process , the prospectus state . MobiKwik , which was unprofitable in the fiscal year 2021 , 2022 and 2023 , turned profitable in the six months end September 30 , 2023 . It made a profit of $ 1.1 million during that six months on revenue of $ 29.3 million , the startup unwrap in the course catalogue .
MobiKwik is the latest Amerind startup that is looking to go public this year . Lossmaking startupsOla ElectricandFirstCryfiled their draft course catalogue for their initial public offerings last calendar month . As many as40 more tech - focussed or adjacent firmsare looking to go public in India in the next two yr .
