MobiKwik to file DRHP again

22 Mar 2023 , 10:05 AM

MobiKwik, a Gurugram-based payment service provider plans to file for an initial public offer (IPO) in next 12-18 months, MobiKwik co-founder and COO Upasana Taku.

Taku said to a report to Moneycontrol, “We are ready again to file an IPO in the next 12-18 months. We planned to file it in March 2023 but due to several reasons couldn’t be able to do so. But this time we have decided to go a little small. And it has been seen that in the last one year, hardly any tech company get approval for its IPO from SEBI.”

She added that the IPO size may reduce from the earlier planned of Rs 1900 crore, “We will try to go at it a little small because the main thing is to get it done. It’s a difficult market.” She also hinted that the company might look at raising funds in the available period, without providing any details.

Last year in November 2022, Mobikwik’s  IPO approval lapsed . The company had received approval from SEBI to raise Rs 1900 crore from primary market. That comprised fresh issue of equity shares worth Rs 1500 crore and an offer for sale of Rs 400 crore. However, disastrous IPO of PayTm, in which the company took part in with a valuation at $20 billion, dettered MobiKwik.

On financials, Taku said, “We are a profitable company, we have burned less than Rs 50 crore. We are getting huge numbers of new downloads from small towns in India. Technology is becoming a tool to democratise financials.”