MobiKwik IPO Plans
The Gurugram based firm was established in 2009. It provides a digital wallet and mobile phone-based payment system. In November 2016, it launched its MobiKwik Lite smart app for 2G mobile network users. Digital payments company MobiKwik plans to launch an IPO in about four years. On Tuesday it said that it has planned to raise the profit of Rs 500 crore in revenue this Fiscal.
A source said that MobiKwik company was successfully crossed the first hurdle of hitting cash flow positive in August this year. The next goal of the company is to achieve an annual revenue run rate of Rs 700 crore this fiscal 2019-2020. The Co-Founder of MobiKwik said that the company will double down the fintech scale in 2020 to make FY2021 the first full year of profitable growth.
As of the source, the revenue rate of MobiKwik before venturing in fintech was about Rs 100 crore. Now, the company is planning to earn a revenue of over Rs 500 crore in this fiscal 2019-2020. It will cost about $100 million.
They plan to launch an IPO when the company hits this landmark milestone. They expect to touch the revenue growth rate between FY2020 and FY2023. Then the company will announce its IPO proposal in FY 2023-2024. ” They hope to become the first Indian payment company and Fintech to get listed in India,” said a source.