On Tuesday, MobiKwik (1), Grugram headquartered payment business startup announced that they had initiated the public listing process by 2022. They have joined hands with PhonePe, Zomato, Paytm with their announcements to go for Initial Public Offerings. The firm has also promoted Chandan Joshi, the senior vice president co-founder.
Chandan will join Bin Preet Singh and Upasana Taku to set the internal work ethos and momentum as a co-founder, as per the company statement. The statement further added that they are working on organizing teams to improve and quickly deliver, improve financial performance, and get the company ready for the upcoming IPO in 2022.
Joshi, joined MobiKwik in 2018, has also been promoted as the CEO for its payment business. He will be in charge of the core payment business of MobiKwik in his new role.
MobiKwik Emerged as Horizontal Fintech Partner from a Digital Wallet
The annual report of MobiKwik for 2019-20 revealed that its revenue grew by 133% yearly to 379 crore INR. The loss of EBITDA was reduced to 45 crore INR, by 63%.
Bipin Preet Singh and Upasana Taku founded Mobikwik in 2009. The startup has emerged as a horizontal fintech partner from being a digital wallet. It now offers several financial services, including gold loans, credit, insurance on its platform.
As per the company’s claim, the startup has disbursed 19 lakh loans through its Digital Credit Line. It pays the loan amount instantly on the wallet of users. MobiKwik is also venturing into the mutual fund market with its acquisition of Clearfunds, a Mumbai-based startup.
The payment business platform, MobiKwik, has raised over 223 crore INR or 29.56 million USD in its latest funding round. It is planning for public listing by 2022 while still in losses. As per analysts, several big startups in India are not going for available listing due to the lack of profitability.