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  3. MobiKwik cut IPO size due to higher FY24 revenue

MobiKwik cut IPO size due to higher FY24 revenue

27 Oct 2024

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Key Takeaways

MobiKwik's reduced IPO to Rs 700 crore reflects a strategic focus on sustainable growth, profitability, and expanding its payments infrastructure.

MobiKwik's reduced IPO to Rs 700 crore reflects a strategic focus on sustainable growth, profitability, and expanding its payments infrastructure.

One MobiKwik Systems

One MobiKwik Systems

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Expert Analysis

MobiKwik Reduces IPO Size Amidst Strong FY24 Revenue Growth.

Expert Analysis:

  • IPO Size Reduction: MobiKwik has reduced its IPO size to Rs 700 crore, which is about 63% lower than its 2021 target of Rs 1,900 crore.

  • Financial Performance Comparison: In FY21, MobiKwik reported revenue of Rs 288.5 crore and a loss of Rs 111.3 crore, while in FY24, it achieved revenue of Rs 890.32 crore and a profit of Rs 14.08 crore.

  • Fund Allocation: The IPO funds will be allocated as follows: Rs 250 crore for financial services, Rs 135 crore for financial and payment services, Rs 135 crore for investments in AI and machine learning, and Rs 70 crore for capital expenditure.

  • Revenue Mix Outlook: Taku indicated that MobiKwik's revenue from payments is expected to grow, with FY24 showing financial services at 55-60% and payments at 40-45%.

  • Payment Expansion Strategy: MobiKwik plans to scale its payments business by acquiring new customers, launching products, and enhancing offline merchant acquisition using soundboxes, EDC machines, and merchant loans.

  • User and Merchant Base: As of September 2023, MobiKwik had 146.94 million registered users and about 3.81 million merchants.

Publisher:Business Standard