One MobiKwik Systems Unlisted Shares
MobiKwik cut IPO size due to higher FY24 revenue
Business Standard
2 min read
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.
MobiKwik's reduced IPO to Rs 700 crore reflects a strategic focus on sustainable growth, profitability, and expanding its payments infrastructure.
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